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Thread: where to capture VAT refund?

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    Platinum Member SilverNodashi's Avatar
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    where to capture VAT refund?

    Hi,

    Quick question, in which "chart of accounts" / "set of books" does one normally capture a SARS VAT refund? And what would it be classified as? Would it be seen as revenue, or "what"?

    P.S. I did try and search, but the forums can't find "VAT"

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    Platinum Member SilverNodashi's Avatar
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    I use XERO accounting, due to it's integration with our Woocommerce website. It works very similar to Quickbooks, if that helps at all?

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    Full Member EAB's Avatar
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    You need to allocate the refund to the VAT control account, the same as with VAT payments.

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    Platinum Member SilverNodashi's Avatar
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    Hi Werner_E,

    Thank you. So, would it be considered a "credit note", or how else (apart from using journal accounts), would I enter it, since I didn't issue an invoice either.

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    Platinum Member Mike C's Avatar
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    Not sure about your accounting program, but on mine I enter it via the cash book when it reflects as paid in or out on my bank statement.
    An education isn't how much you have committed to memory, or even how much you know. It's being able to differentiate between what you do know and what you don't. - Anatole France

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    Full Member EAB's Avatar
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    As Mike C said, you enter it directly via the cash book.

    When you receive the refund form SARS, and you update your bankstatements in the cashbook you allocate it to the control account

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    Platinum Member SilverNodashi's Avatar
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    Quote Originally Posted by Mike C View Post
    Not sure about your accounting program, but on mine I enter it via the cash book when it reflects as paid in or out on my bank statement.
    Thanx that was a good tip so I ended up capturing it when doing recon.

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