Bank transactions on a VAT Return

Before you add a bank transaction to your VAT return, you will need to ensure that the nominal codes you use are set correctly.

To do this, you would need to go to Settings> Chart of Accounts.

Under the column for “Type” you would need to use either; Turnover, Cost of Sale, or Expenditure.

Once you have set up your nominal codes with their respective types, when you go on to enter transactions they will appear on the VAT return as follows:

Box 1Box 6
TurnoverMoney In£20£100
Turnover RefundMoney Out-£20-£100


Box 4Box 7
Expenditure RefundMoney In-£20-£100
ExpenditureMoney Out£20£100


Box 4Box 7
Cost of SaleMoney In-£20-£100
Cost of Sale RefundMoney Out£20£100

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