QuickBooks Q&A
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How do I record the payment of VAT and income tax without them appearing as expenses and then showing in both the P&L account and the next period VAT return as a purchase amount?
Hello. I have a customer that we invoice for services. They also sub-contract for us. Do i have do create both a customer and supplier to match up the banking transactions from when we paid them?
The amount I am off in the reconciliation is exactly the amount that is showing on the RDR. I'm not familiar with QB and not sure how to fix this issue. Looks like the amounts were deleted. I am confused however because I search the amount $5336.00 and I see this amount, the Bill entries as well as the Bill Payment entries, which looks correct. However, the other three amounts do not show up at all. The other three definitely seem to be deleted. I searched the last reconciliation report and all transactions were cleared. (?)
I have been using journal entries to record prepaid expenses.Scenario:1 Oct I made a prepayment of R100.4 Oct I was invoiced for the actual services of R11.50 (including VAT)On Quickbooks online:Journal entry 1 (1 Oct):Dr Prepaid expense 100Cr Bank 100Journal entry 2 (4 Oct):Dr Expense 10Cr Prepaid Expense 10[Note: system asks for VAT type next to the journal entries and I chose standard 15%, at the bottom it shows total is R11.5]When I went to check my VAT report, journal entry 2 is present however the VAT amount is R0.When I check my prepaid expense balance it shows R90 (instead of R88.50)
