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GCG27
July 28, 2022
Question

Quick Books Online inserting figures not appearing in bank account

  • July 28, 2022
  • 1 reply
  • 0 views

I am a small business where I and others use a service company to invoice and ingather money and VAT. They send me an account each quarter showing how much my total outputs and output VAT are. It also shows the work they've done for me and how much they charge for that and the VAT on that (not all of it attracts VAT). They then send me the money and VAT they have ingathered for me to my bank account LESS their charges + VAT on them. 

The only figure that QBQ takes from my bank account is this NET figure so I need to be able to show the full output figure and output VAT figure so HMRC know how much I owe and whether the INPUT VAT I am claiming means I owe HMRC money or vice versa.

How do I get these figures into QBQ and more importantly into my VAT return? Please help!!!

1 reply

MariaSoledadG
MariaSoledadG
July 29, 2022

I'm here to guide you on how both figures in QuickBooks and VAT returns should appear the same so you'll know how much you owe, GCG27.

 

QuickBooks Online (QBO) tracks VAT on all your transactions making it simple to calculate what you owe. You'll have to make sure to review your taxes and ensure QuickBooks is reflecting the correct VAT codes so it would reflect on your VAT return as well. Then, you can run the VAT 100 Report to show you the summary information for each box on the VAT. To access the report, follow the steps below:

 

  1. Go to the Taxes tab, then click on the arrow next to Submit Return.
  2. Select View Summary.

 

This should give you an idea of how much you owe. Aside from that, you can also double-check using these reports if you have still a few questions about taxes. I've added the articles below: 

 

 

In addition,  you may want to make adjustments to your VAT liability before you submit it to HMRC. I've got this article for your guide: Make VAT Adjustments In QuickBooks Online.

 

Reach out to us if there's anything else that isn't clear to you about the figure in QBO and your bank account. We're here to get you covered. 

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