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Ask Your QuickBooks Question | Drop-in Session

Forum|Forum|4 years ago
December 9, 2021
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Hello Community 👋

I wanted to create this space where you can ask your top-of-mind QuickBooks questions and our team will help you get an answer.

Topics can include and not be limited to; Banking, Self-Assessment, Reconcile, Transactions, Tax or Reports.

So, pop your question below and an expert can help you 👇

Best answer by Kurt_M

Hi there, @callumpearson28-. Let me assist you with your query.

I’m assuming you are using QuickBooks Self-Employed, they are using the simplified expense method (with flat rates) to calculate the allowable business expense for your car, van, or motorcycle. The rate is based on the mileage you drive.

Cars and goods vehicles: 0 - 10,000 miles - 45p
Cars and goods vehicles: After 10,000 miles - 25p
Motorcycles: 24p

You can refer to this article to know more about Simplified expense method.

If you want to do the calculation by yourself, you might want to give this link a visit.

Feel free to let me know if you need anything else. I'll be here to help. Keep safe!

Show previous replies

T

tj construction

Hia

Im on flat rate VAT, Im on a 8.5% tariff which I have set correctly. But my VAT due on sales in more than 8.5% of of my total VAT collected. Unsure why this is. All my invoices seem to be in order and I thought my VAT due amount should be simply calculate for me from my VAT collected on sales

Thank in advance Tom

L

LeizylM

Hi there, tj construction.

I can see that there are separate threads that have similar questions about your VAT collected on sales is more than 8.5% in QuickBooks Online.

Let me share this link so you can follow the steps provided by my colleague: https://quickbooks.intuit.com/learn-support/en-uk/vat/re-incorrect-vat-rate-calculated-on-sales-invoice/01/1053330#M7113.

The Community is always here if you need anything else.

J

JohnnyLongstaff

Can I confirm something please. I am relatively new to Quickbooks and I am trying to figure out if we are using it properly. 2 questions.

We are in the UK, am I right in thinking that Quickbooks doesn't support UK bank feeds?

Using multicurrency. Can I post sales invoices in different currencies to the same customer?

Thanks for your help

K

Kevin_C

Thanks for sharing your concern in this thread, @JohnnyLongstaff. I'll be sharing some information about how the bank feeds and multicurrency work in QuickBooks Online (QBO).

For your first question, bank feeds are available in QBO UK. Thus, you can connect bank accounts and credit cards so you can download your recent transactions seamlessly.

For more details on how you can connect your bank feeds to QBO, please refer to this article: Connect your bank feeds to QuickBooks Online.

As for your second question, the option to use different currencies for a single customer isn't possible. At this time, if you want to record new transactions with your customer in another currency, here's what you can do:

Make the existing customer profile inactive. Your previous transactions with the customer stay in QuickBooks.
Add a new customer, then assign the appropriate currency that they pay you with.

Once done, all of the new transactions you record with the customer will be in their currency.

While adding multiple currencies is currently unavailable, you can share your thoughts and ideas through your account. Our product development team reviews all the feedback we receive to ensure we’re meeting the needs of our customers. Here's how:

Click the Gear icon at the top, then select Feedback.
Enter your comments or product suggestions.
Click Next.

Additionally, consider checking out this article to learn more about categorising and matching your transactions in QBO: Categorise and match online bank transactions in QuickBooks Online.

Also, you can personalize the appearance by adding specific info to your sales forms. Check out this article for more information: Customise invoices, estimates, and sales receipts in QuickBooks Online.

Leave a comment below if you have a follow-up question or how it goes. I’ll be right here to help you. Keep safe and have a great day!

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JohnnyLongstaff

Hi Kevin and thanks for the speedy reply.

Regarding the bank feeds thanks for the links, I forgot to specify that we use HSBC and when I spoke to them they said that they don't support bank feeds in the uk. I suppose the best thing to do is try and set one up!

AS for multicurrency it looks as though if we have a customer or supplier we deal with in multiple currencies we will need seperate accounts for seperate currencies won't we?

K

KA2022

Hi, I’m not liking the uncategorised asset report. I cannot change them to the correct one. As all you get from the drop down is not the cost of labour expenses,

if they have been paid to the labourers I may add the correct category from bank feed match but still it comes up in the report!

L

LeizylM

Hi there, KA2022.

I'll make sure that you'll have accurate reports at the end of the day.

To isolate the issue, you can perform some basic troubleshooting steps to fix the issue. At times, the accumulated browser cache and cookies become corrupted causing unusual behaviors in the program. You can start by accessing your QuickBooks account through a private/incognito browser. Feel free to use these shortcut keys:

Google Chrome: Ctrl + Shift + N
Mozilla Firefox and Microsoft Edge: Ctrl + Shift + P
Safari 11 or newer: ⌘ + Shift + N

If it works, you can clear the cache of your regular browser. This will improve the overall performance of the application.

In case you'll need help pulling up an expense report, you can visit this website to search for a related post about your concern: QuickBooks Online Help Article.

Please let me know if you have any other questions or concerns about QuickBooks Online. I'll be happier to help. Take care and have a good day!

M

Mash101_98

Does anybody know how I can process the refund transaction sitting in my current account?

It's from a previous return done outside QB, so I can't do it through the Taxes menu.

Angelyn_T

Hi there, @Mash101_98. I can share insights on how you can record the refund in QuickBooks Online (QBO).

Yes. You can track a refund through the Taxes page once you've filed the return through QuickBooks. Since your return was processed outside QuickBooks, you can make a deposit to enter the refund. On top of that, I'd recommend consulting with your accountant as he can give you the details of the accounts to keep your record in place. Your accountant can also share other options on how to enter the refund.

For more tips about deposits, open this link: Record and make bank deposits in QuickBooks Online.

Moving forward, here's how you can track your tax payments and refunds in our system: Recording a VAT payment or refund [Video].

If you have follow-up questions about your taxes, let me know by adding a comment below. I'm more than happy to help you again. Keep safe!

J

jk90

I was just wondering if you know of any other clients that may be in the same situation as the below?

Our clients bookkeeping is prepared in QBO and is prepared with the base currency as USD, currently for VAT we export the VAT Return and convert the sales at the HMRC rate and any supplier invoices these are posted as the GBP amounts and QBO converts these to USD for reporting purposes. Therefore on the excel VAT return we manually type in the GBP amounts as per the invoice.

We have recently been contacted and asked that we set up the VAT filing through QBO, however I have advised that I do not think this can be done due to the QBO account being in USD. Am I correct? or can we actually submit the VAT return via QBO even though they report in USD?

G

GeorgiaC

Hi jk90 VAT, thanks for joining this thread - you're right, it's only possible to submit a return via MTD when the home currency is in GBP. The workaround to this would be to set up a new QuickBooks account to enter the converted transactions. 🙂

S

Sue130

Hi started quick books 3 weeks ago added some expenses and receipts for goods to resell

but the goods to resell aren’t showing up as expenses??

many thanks

sue

Daniela_A

Worry no more, @Sue130. It's great you're using QuickBooks Online to accurately manage your books,

I'd be happy to share some details about your concern and help you sort things out.

We will need to pull up your items and make sure that it is in the right expense account. Here's how:

From your Sales tab, click Product and Services.
Locate and open the goods that you resell.
And ensure its correct expense account.

Take a look at my screenshot below:

Additionally, I'm sharing this article with you that contains information that can help you familiarize with the program: Get started with QuickBooks Online.

You're always welcome to post in the Community if you have other concerns. We're just one post away. Take care!

J

janewilding

When I import older transactions from my bank they come in all showing as income, and I cannot change them to expenditure, which they should be. How do I do that?

C

Carneil_C

Help has arrived, jane.

About your concern, you'll want to check your CSV file to verify. Then, you can make necessary changes, like modifying them to show as an expenditure.

From there, we need to ensure that it is accurate before importing it back to QuickBooks Online.

I've added these resources that may come in handy in organizing your transactions seamlessly in QBO:

Feel free to visit again in the Community, and keep me posted on your progress. I'm determined to help you succeed. Keep safe always.

K

KAPPHOTOS

I have not logged into my QB online account in since 2019. I currently can not log in. I have tried password reset and when I try to log in, it says there is no business associated with the account.

I have been paying $30/mo for over two years, so I know I have an account. Please assist.

R

Rasa-LilaM

Hello there, @KAPPHOTOS.

I appreciate all your efforts in trying to move past the error. I'm here to help ensure you can log in to your account.

Before we begin, may I ask if you have multiple QuickBooks Online (QBO) subscriptions? If so, make sure that you sign in to the right one and input the correct login credentials. This guarantees that you can access the program seamlessly.

If you continue to get the same result after entering the right username and password, I recommend contacting our QBO Care Team for further assistance. They have extra tools to determine the source of this error. When a permanent solution becomes available, our specialists will take you through the implementation process.

To get the contact details:

Go to the Help icon at the top to display the Search window.
From there, click the Contact Us link to access the What can we help you with? section and then enter a brief description of your concern in the field box.
Tap the Continue button to see the list of support options.
Pick Chat to start a conversation or Callback to speak with an agent.

I also attached a link that tackles the various login issues and errors in QBO: Learn what to do if you can't sign in.

Additionally, these resources include various topics on how to better handle your accounting activities and troubleshoot common errors:

Reach out to me again if you have other QuickBooks concerns or need further assistance logging in to your account. I'll get back to help you the best that I can.

T

thepippin

Does anyone know why my Balance Sheet Report says "Charity Funds" at the bottom. The company is non-profit, but not a registered charity. Do I have to make a custom report like a balance sheet to get rid of this?!

Thanks.

JessT

Hi thepippin!

The presence of a Charity Funds account on the QuickBooks Online (QBO) balance sheet can be a result of selecting the tax form for a Nonprofit organization in the settings. Alternatively, it could be created if you have previously used that specific tax form. QuickBooks automatically generates this account to align with the requirements of the selected tax form and to facilitate accurate financial tracking for nonprofit organizations.

If you notice an amount displayed in the "Charity Funds" account on the Balance Sheet, you can click on that amount to access the corresponding transactions that have contributed to it. This will allow you to review the transactions and verify if any corrections are needed, such as adjusting the accounts assigned to the items used in those transactions.

If you have any further concerns or questions regarding the account you see on your Balance Sheet, please don't hesitate to reach out. I'm here to assist you and provide ongoing support.

D

droybal

If I use bank feeds , do i still need to reconcile my account. If so, will the beginning balance show on my report?

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