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D
derek-ctla-org-u
April 7, 2025
Question

Invs show 20%Vat inc when input ie net£3771 vat£754 total£4525.In the purchase tax control Acct. no vat figure shows. vat 100 report (Box 4 figures) & VAT Susp figure Ok.

  • April 7, 2025
  • 1 reply
  • 0 views

Hi. My Supplier Invoices and Customer Invoices are all showing 20% Vat as being inclusive of tax when being input. ie supplier invoice net = £3771.94 vat = £754.39 total of invoice = £4526.33. However when looking at the purchase and sales tax control accounts in the balance sheets there are no vat figures showing at all for those categories in assets and liabilities . But when I run a vat 100 report in 'Taxes' and look at the figures in Boxes in Box 1 and Box 4 the vat figures are there . So why are those figures not showing in the balance sheet under the Current Assets (PTCA) and Current Liabilities (STCA) ? but the VAT Suspense account in CL has the right figures . Can anyone help - have I missed ticking something when i set up the company in QB at the start of the year ? Thanks ever so much

1 reply

A
AntoniettaE
April 7, 2025

I appreciate you for detailing your concern, Derek. You didn't miss anything during the setup process. However, there seems to be confusion regarding recording VAT as exclusive or inclusive. Let me clarify this for you. 

When you record the invoice as inclusive, the total amount should be £3,771.94 including VAT, not £4,526.33. The correct VAT calculation for an inclusive invoice would be £628.66, not £754.39. The figures you provided suggest that the invoice was calculated on an exclusive basis.

 

 

You mentioned that VAT figures are not appearing in assets and liabilities. If you are referring to the Balance Sheet report, this should show your invoices under the VAT control account. To confirm this, follow these steps:

 

  1. Navigate to the Reports section in QuickBooks.
  2. Select Balance Sheet.
  3. Look for the VAT Control Account and click it.

 

To view the invoices under current liabilities, click on Total Current Liabilities. Then, apply the appropriate date filter to display the invoices.

As for Assets, they will not appear until the invoice has been paid.
 

Furthermore, we recommend visiting this handy article to help you file VAT return and manage VAT payments inside QBO: File your VAT return and record VAT payments in QuickBooks Online.

 

Our team encourages you to visit or comment below anytime if you require assistance handling VAT concerns. You can also post here again if you have any additional QuickBooks-related concerns.

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