Accounting Ideas

Recognition of VAT repayment in Cashflow forecast liability offset

currently a VAT repayment can be posted automatically through VAT Returns against VAT Liability and the relevant Bank Account. This updates the Cashflow as a VAT repayment from HMRC and it appears as cash flow in, but it does not update thE prior period VAT liability in the offset column, thus the end result is double counting the repayment.

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  • Sep 12 2023
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