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melanie19
Aug 28, 2024 9:19 AM UTC
Question

Why is VAT showing again in bank reconciliation?

If a supplier/customer invoices already have VAT included, why when I come to do bank reconciliation is VAT showing as 20% again.

3 replies

payment after leaving
Aug 28, 2024 9:33 AM UTC

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?

melanie19Author
Aug 28, 2024 9:47 AM UTC

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.

GeorgiaC
Aug 28, 2024 10:22 AM UTC

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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