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Sales Return VAT

  • Student
  • 2 posts
  • # 118800

Hi,

I am currently studying for my Level 2 (just passed A1), but I can't find the answer to my question - if you run separate VAT Input and Output accounts which account do you debit for a Sales Return?

Kind regards,

Mark

  • Fellow PM.Dip
  • Practice Licence
  • 42 posts
  • # 118812

Hi Mark

Output = sales

Input = purchases

If you have goods returned, you would debit the output account and credit debtors. 

I hope that helps

Hazel

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