Accounting for a VAT rebate

System
System Posts: 100,534 🤖 Admin 🤖
edited 10:08AM in AAT student discussion
Hello<BR>Can anyone suggest what the correct accounting treatment for a VAT rebate from C&E might be please?<BR>Is it treated as revenue, where on the balance sheet should it be?<BR><BR>Thanks<BR><BR>Paul

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  • System
    System Posts: 100,534 🤖 Admin 🤖
    Accounting for a VAT rebate

    Dr bank account<BR>Cr VAT control account<BR><BR>I think anyway!<BR>
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Accounting for a VAT rebate

    That is correct.<BR><BR>It doesn't get shown as revenue of any kind because the VAT paid in the first place never hit the P&L.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Accounting for a VAT rebate

    Thanks a million Claudia and Jimi<BR><BR>I thought as much, my brain is struggleing with the most basic things at the moment.<BR>I'd have trouble with my own name at the moment if I didnt have it sewn on my shorts...doh...my shorts are gone!!!<BR>

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