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Enter a VAT account correction

In Profit, you can make a correction to the VAT account using a general journal. For instance, you might want to make a VAT correction for private use.

To enter VAT account corrections:

  1. Go to: Financial / Enter / Journal.
  2. Check Financial year and Period. These are the financial year and the period to which you post the entry.
  3. Select the general journal.
  4. Click on: Finish.

    Profit opens the entry layout for the journal.

  5. Enter the entry date for the correction entry.
  6. In the Account number field, select the ledger account for the VAT code in question.

    On this line, the VAT code is not mandatory. If you enter this line without a VAT code, Profit does not include it in the declaration. If you do post to the VAT ledger account, Profit includes the line in the declaration.

  7. Select the next entry line.
  8. Enter the contra account to which you want to post the amount of the correction.
  9. Click on: Finish.

Directly to

  1. Financial Entries
  2. Add an entry layout
  3. Configure journals
  4. Voucher number, invoice number, entry date and voucher date
  5. Purchase entries
  6. Sales entries
  7. Payments
  8. Post a general journal entry
  9. View and change entries
  10. Delete entries
  11. Import entries
  12. Enter corrections in a correction period
  13. Enter a VAT account correction
  14. Reconcile balancing entries
  15. Enter a transitory item
  16. Fixed journal entries
  17. Import custom fields for outstanding items

Process

Entries