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J
Josh Rainford
February 13, 2020
Question

Reconciling VAT on Cash basis

  • February 13, 2020
  • 1 reply
  • 0 views

I am looking for a report that will allow me to see what VAT is attached to my debtors and creditors as at the year end. 

 

I have tried the customise reports and filtering by A/R Paid and A/P Paid, but that only reflects whether they have been paid as at today's date or not. 

 

I basically want to run my Aged debtors report and be able to select a VAT column. My client has various VAT rates on both purchases and sales so not as straight forward as just applying 20% VAT. 

 

There doesn't appear to be a way of reconciling the VAT account when preparing the year end accounts from QuickBooks Online when a client is on cash accounting for VAT. 

 

I know there is a VAT reconciliation feature on Xero which allows you to reconcile the VAT at any given date allowing you to prove a VAT balance. Is there nothing similar in QuickBooks Online?

 

Any help would be much appreciated.

 

Regards,

 

Josh

1 reply

P
payment after leaving
February 13, 2020

Hi Josh

 

You could run a transaction detail by account report, cutomise it to include VAT codes, select/tick the A/P option, using the drop down menu change to unpaid, select the Supplier box then within the drop down menu select, 'select all', not the all option at the top of the menu. You can then save this customisation and run the same report again but select A/R paid (unpaid), select the customer box and select the select all option within the drop down menu. Or you can run one report combining both the A/P & A/R/customer suppliers as above.

J
Josh RainfordAuthor
February 13, 2020

Hi, I have already tried these reports but they show everything as paid. As at today's date, all debtors/creditors for the accounting period have been paid. However, I need a snapshot as at the year end date which is 31st December 2019 for the debtors/creditors with VAT amounts. 

 

The method you have mentioned is only useful for reviewing debtors/creditors as at todays date, not a date in the past. 

 

Thank you for your input though. 

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