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How do I correct or edit ttransactions for the previous financial year. qbo will not allow me to do it.
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Yes, we use the flat rate scheme although we no longer do our VAT return through QBO due to errors with the purchase of reverse charge services from the EU.
Thanks for getting back to me regencyorganics. The reason you are not able to correct/edit transactions does relate to you being on the FRS scheme.
Once an FRS period has been filed it's not possible to edit or delete a transaction within that period. What you can do to correct this is enter a journal entry which reverses those transaction(s) by following the steps below:
1. Open the transaction you want to create reverse journal for
2. View transaction journal (More > transaction journal)
3. Screenshot or open QuickBooks in a separate tab on the browser
4. Select + New > Journal entry
5. Enter the same date and account accounts -> reverse the debits and credits columns for each line
6. Exclude VAT control
7. Add vat onto each line of the journal
Thanks!
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