Table of Contents
Reversing a VAT Return
To cancel a newly generated VAT Return, you have to reverse it. To do so, go to Nominal > VAT Return and:
🔴Either highlight the VAT Return you want to reverse and click on the Reverse ↔️ button at the top left of the grid.
🔵 Or click on the VAT return ref. value to open the VAT Return window and select the red Reverse button at the top right corner.
Select Reverse in the validation pop-up to proceed.
The Result
The new reversal transaction is visible in the Reversal tran ID column.
The Reversal Transaction
The Reversal Transaction
Clicking the Reversal tran ID displays the VAT return reversal, showing offsetting entries in the Annual VAT Account and VAT Control Account that clear the previous return and reset balances.
The transactions included in the original VAT Return are now unlinked from it and visible in the VAT Transactions tab—ready to be processed again.
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