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me101
October 7, 2019
Question

Historic Transactions & VAT

  • October 7, 2019
  • 1 reply
  • 0 views

Hi

 

We started using Quickbooks online exactly 6 months into our financial year & have entered all transactions & done VAT returns since then.

 

I want to enter all the previous transactions so I can use Quickbooks to do my year end accounts.  I have entered the transactions for the opening balance sheet & now loading the transactions since the commencement of the financial year.  According to the guidance I should load all my customer & Supplier invoices, receipts, payments etc as if we used Quickbooks since the beginning of the financial year.  The issue I have is that the historical transactions are now appearing in my next VAT return when they have previously been reported & VAT paid etc.

 

What is the correct way to deal with the historical financial & VAT transactions?

 

Thank You!

1 reply

AlcaeusF
AlcaeusF
October 7, 2019

Greetings, me101.

 

When entering a historical transaction which was already part of a filed return, it will show as "Exceptions" on your next filing. Ideally, you should record all prior transactions before entering your first filing in the system.

 

To avoid showing them, you can either make all historical transactions as NO VAT or perform VAT adjustments to remove them from the exceptions. For additional insights into the common codes, I'm adding the article I recommend on this:

 

Common VAT Codes.


If you need additional guidance, I recommend seeking further help from our QuickBooks Support Specialists. One of them will be able to take over with making adjustments to the account. 

 

Here's how you can reach them:

 

  1. Log into your QuickBooks account.
  2. Click the Help option in the upper-right corner.
  3. Click the Contact us hyperlink.

Thanks for reaching out. If you have additional questions or concerns about your historical transactions, feel free to let me know.

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