CR the VAT Control A/C with a VAT Refund from HMRC?
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SamTyler02
Registered Posts: 4
Hi guys (and gals),
I am doing AAT Level 2 at the moment and I noticed whilst doing a practice question that you CR the VAT Control A/C with a refund from HMRC and I can't seem to get my head around why? I understand the other side, DR Bank, but I can't seem to grasp why you CR the VAT Control. Could someone help me out, please??
Many Thanks
I am doing AAT Level 2 at the moment and I noticed whilst doing a practice question that you CR the VAT Control A/C with a refund from HMRC and I can't seem to get my head around why? I understand the other side, DR Bank, but I can't seem to grasp why you CR the VAT Control. Could someone help me out, please??
Many Thanks
0
Comments
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Its the otherside of your double entry. When you paid the Vat out the posting would be debit vat control credit bank so this just works in the opposite direction.0
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Right ok - I might have been overthinking it. Seems pretty simple. Thanks!0
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Drawing T accounts will help you with this. It can seem daunting at first but if you remember every posting must have an opposite then it makes these tasks easier.0
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