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jay-aircon
April 7, 2022
Question

Having trouble connecting QB-HMRC since 2019 so have been running VAT report each quarter and manually entering figures on HMRC website. Can I reconcile QB so up to date?

  • April 7, 2022
  • 1 reply
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1 reply

C
ChristieAnn 11
April 7, 2022

Hi there, jay-aircon.

 

Thank you for visiting the QuickBooks Community. I'll be sharing details on how reconciling accounts works in QuickBooks Online. Then, ensure you meet your goal by completing the steps below.

 

Yes, you can reconcile accounts in QuickBooks Online if you manually entered entries correctly. This implies that if everything is in order and your accounts are balanced and proper, you may reconcile them so that they always match your bank and credit card statements.

 

Then, if you're reconciling an account for the first time, you'll have to review the opening balance. It requires you to match the balance of your real-life bank account for the day you decided to start tracking transactions in QuickBooks. 

 

Once everything is perfect, you can now start reconciling your transactions. You can open this article to view the detailed steps on how to perform the process: Reconcile an account in QuickBooks Online.

 

Lastly, you may refer to this article to view different guidelines that will help you fix any reconciliation issues you might encounter: Learn the reconciliation workflow in QuickBooks.

 

Feel free to leave a reply below if you have further questions about reconciliation in QuickBooks. I'm always here to assist you.

J
jay-airconAuthor
April 7, 2022

Thank you but I don’t see how that article helps me with my VAT issue

R
Rasa-LilaM
April 7, 2022

Thank you for coming back to the Community,  jay-aircon.


Let me help and guide you on how to record your VAT payments in QuickBooks Online (QBO). This way, you can reconcile them easily. We’ll have to manually enter the transactions in the VAT Centre.


Here’s how:

 

  1. In QBO, head to the Taxes menu on the left panel and choose VAT.
  2. This action will take you to the VAT Centre.
  3. Go to the Returns tab and look for the tax return you’re working on and click the Record payment menu to open the Record VAT payment screen.
  4. From there, fill in the required fields (bank account you're making the payment from, payment date, and amount).
  5. Once done, click the Save button.


This reference will guide you on how to record, adjust and delete VAT payments in the VAT Centre: Manage VAT payments.


Also, the links below provide detailed information on how to unfile the tax return and steps to submit one directly to the HMRC, mark the VAT as filed, and so on.

 


Reach out to me again if you have other VAT and reconciliation concerns or questions. I’ll be glad to assist further. Have a good one.

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