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moodyelectricall
February 16, 2022
Solved

Client is paying my VAT a week late, how can I reconcile this with my invoices? Week 1 was paid without VAT. Week 2 was paid with VAT from week 1 and so on.

  • February 16, 2022
  • 2 replies
  • 0 views
I cannot match my week 1 invoice as it includes VAT which I didn’t receive until week 2. Also week 2 doesn’t match as i’m getting the VAT from week 1 invoice. Is there a way I can match these amounts?
Best answer by paul72

Hi @moodyelectricall 

 

Do you account for VAT on accrual or cash basis?

(working like this might upset cash basis accounting)

 

Instead of trying to reconcile these payments by bank statement or import, you will need to go to Receive Payment > from there you can assign part of each payment as required.

Once the payment has been assigned, QB will reconcile against the payment rather than trying to match to an invoice.

 

Hope this helps.

2 replies

A
Ashleigh1
February 16, 2022

Hello Moodyelectricall, 


Welcome to the Community page, 

 

So im not to sure what your trying to do exactly, but the system cant support it. It will report VAT based on your accounting method, and if you're matching transactions, the figures need to be the same or higher than the amount you're trying to match to, otherwise you need to do the transactions manually first. 

paul72
paul72Answer
February 17, 2022

Hi @moodyelectricall 

 

Do you account for VAT on accrual or cash basis?

(working like this might upset cash basis accounting)

 

Instead of trying to reconcile these payments by bank statement or import, you will need to go to Receive Payment > from there you can assign part of each payment as required.

Once the payment has been assigned, QB will reconcile against the payment rather than trying to match to an invoice.

 

Hope this helps.

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