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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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    Diamond 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.
    No act of kindness, no matter how small, is ever wasted. - Aesop "The Lion and the Mouse"

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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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