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"
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"
I use XERO accounting, due to it's integration with our Woocommerce website. It works very similar to Quickbooks, if that helps at all?
You need to allocate the refund to the VAT control account, the same as with VAT payments.
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.
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"
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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