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M
melanie19
August 28, 2024
Question

Why is VAT showing again in bank reconciliation?

  • August 28, 2024
  • 1 reply
  • 0 views
If a supplier/customer invoices already have VAT included, why when I come to do bank reconciliation is VAT showing as 20% again.

1 reply

P
payment after leaving
August 28, 2024

Hi melanie19 Thanks for reaching out to us here on the Community. When you refer to bank reconciliation are you referring to adding/matching amounts from the for review page of the banking section or the actual reconciliation function as the reconciliation function doesn't include the VAT amounts on transactions?

M
melanie19Author
August 28, 2024

Hiya John C

 

Yes, I'm referring to the adding/matching amounts from the for review page of the banking section.  Don't want to have double VAT entries.

 

Thank you.

G
GeorgiaC
August 28, 2024

Hi melanie19, thanks for clarifying

 

Transactions in the for review section aren't included in QuickBooks yet.

 

When you match with an existing transaction, QuickBooks links the two together, meaning there's no impact on your accounts. The VAT selected on the manual transaction (e.g. invoice) overrides the VAT on the downloaded bank transaction, preventing duplication. 

 

We're just a post away if you have further questions or require additional assistance.

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