Sorry, for this question. I am new here.
I received a VAT refund in March. How can I treat it? Or, generally, how do we handle VAT and Tax payments or refunds. I tried the Transactions menu for the VAT refund. Under description I wrote VAT REFUND, I entered the amount, selected deposit, but what next? I could not fund the correspondent account of the chart of accounts and I confused with the categorisation as it was handled as expense (although I received money - vat refund. The tax refund deposited to my bank account.
Please, can you help?
Any advice would be much appreciated.