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Maby
December 9, 2019
Solved

How do i unmatch and delete duplicate bank entries in a period closed for vat

  • December 9, 2019
  • 1 reply
  • 0 views

I use the flat rate scheme for vat.

i have duplicate bank entries which i need to delete, but cant as it is in a closed period for vat

 

it mentions booking reverse entries, but how do i do this ?

 

regards

maria

Best answer by emmam6

Hello Community Users!! We just wanted to come onto this thread and add some clarification and updates now MTD is in play.

Because of the way Making Tax Digital works on the Flat Rate Scheme, you can't edit or delete transactions in a return that has already been filed.

If you need to make changes, you'll need to create a journal entry to reverse the original transaction by reversing the amounts of the debits and credits. Then, if needed, create a new transaction with the correct information. See how to create or reverse a journal entry.

The best way to make sure it's reversed correctly is to use the transaction journal for the transaction you want to change and reverse the amounts that are in the debits and credits column. Enter the applicable VAT code(s) in the VAT column of the journal entry next to the line(s) that had VAT in the original transaction.

We hope this helps you any questions just reply to this thread, we'd be happy to help.

1 reply

R
RCV
December 9, 2019

Good to hear from you, Maby.

 

When a VAT period is closed, it will lock all transactions within that date range to prevent any users from changing transaction details. If you'll delete a duplicate bank entry that links to that period, QuickBooks will prompt a message about booking reverse entries.

 

You can re-open the closed tax period first before doing so. However, it would be best to consult your accountant on how to properly handles this one since it will create changes to the current VAT period.

 

We have a link here where you can find articles about managing your business in QuickBooks:https://quickbooks.intuit.com/learn-support/help-articles/misc/03/help-articles-uk?label=QuickBooks%20Desktop.

 

Please reply to this post if you need anything with VAT. I'm here to help.

E
emmam6Answer
October 14, 2022

Hello Community Users!! We just wanted to come onto this thread and add some clarification and updates now MTD is in play.

Because of the way Making Tax Digital works on the Flat Rate Scheme, you can't edit or delete transactions in a return that has already been filed.

If you need to make changes, you'll need to create a journal entry to reverse the original transaction by reversing the amounts of the debits and credits. Then, if needed, create a new transaction with the correct information. See how to create or reverse a journal entry.

The best way to make sure it's reversed correctly is to use the transaction journal for the transaction you want to change and reverse the amounts that are in the debits and credits column. Enter the applicable VAT code(s) in the VAT column of the journal entry next to the line(s) that had VAT in the original transaction.

We hope this helps you any questions just reply to this thread, we'd be happy to help.

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