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pezza
July 29, 2020
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Rounding / Migration issue

  • July 29, 2020
  • 1 reply
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Hi, I have just migrated my data and after matching everything up, I have noticed a couple of balances of like 1p and 2p etc. I can only assume that this is some sort of rounding or import issue. Some of these are old and paid off ages ago, but it is causing my OCD to come out seeing balances. I cannot adjust them either, as I tried to adjust 2 line items by 1p on each (for the one that is 2p out) and selected items that were no VAT to avoid messing that up but QuickBooks tells me that I can't adjust for something that has already been filed. Is there a way to adjust these? Yes, I know I could just pay them, but it is the principal :-D Thanks Andrew
Best answer by RCV

Hi @IamjuViel 

 

Thanks for your reply.

 

This was exporting data from QuickBooks Online and importing it in to QuickBooks Accountant Online.

 

I have just checked one as an example and the Expense/Bill total excluding VAT matches but the VAT amount is 1p more in QBAO than it is in QBO.  I have checked the data in the csv file and the csv doesn't have the VAT amount, it just has the line total excluding VAT and the VAT rate, so the QBAO is calculating the VAT amount when it is being imported.

 

Original VAT: £13.09

New VAT: £13.10

 

The actual true value should be £13.13! But IF in excel, I tell each line item to round down (which I believe is what QB does) then I get to £13.09, as per the original QBO amount.  So it seems to be pointing to something not quite right in QBAO.

 

IF I just round (true rounding where it rounds up if over 5) does come to £13.10.  So it would seem that QBO rounds down regardless whereas QBAO rounds normal (down when less than 5 and up when 5 or more).

 

That explains why the discrepancy but doesn't really help when I now have 4 Bills dating back 2 years now suddenly with balances owing of between 1p and 4p.

 

And the main frustrating part is that QB tells me I cannot change this now for something that has been submitted, yet the VAT amounts submitted was actually for the amount that I am trying to change it to, so there would be no difference anyway.

 

I think there should be a way to overrule QB especially when I know it has no affect whatsoever on the submitted VAT return.

 

Andrew


Thanks for providing in-depth details of your VAT concern, pezza. 

 

I appreciate you for performing the recommended solutions provided by my colleague to resolve the rounding import issue. 

 

The option to change the VAT amount that has been submitted is unavailable. QuickBooks Online (QBO) will add an exemption amount when processing VAT returns for the current period if you add a prior date from the filed VAT.

 

You'll see an Exception Amount column that provides you with transactions you have previously filed for but have been changed, deleted, or added. This is to ensure that no VAT collected (or credits earned) are missed or duplicated.

 

To change the amount when filing your return, just use the Adjust link to increase or decrease the amount.

 

For more details about this one, check out the VAT exceptions and reports article.

 

To come up with the actual true value of the VAT amount, I'd suggest contacting our Customer Support Team. They'll pull your account in a secure environment and further assist you with this one.

 

Here's how to reach them:

 

  1. Click the Help icon on the top right. 
  2. Tap the Contact Us button at the bottom. 
  3. Enter a short description of your concern. 
  4. Tick Continue. 
  5. Choose Message an agent to connect with our support. 

 

I've got a link here that provides you with articles about managing VAT: https://quickbooks.intuit.com/learn-support/vat/misc/02/uk-vat?label=QuickBooks%20Online.

 

The Community always has your back if you need anything else in QBO. I'm always here to help. You have a good one. 

1 reply

LieraMarie_A
LieraMarie_A
July 29, 2020

Hey there, @pezza.

 

You have the option to use the Resolve Difference feature to fix discrepancies when matching transactions. It opens the Add resolving transactions field where you can use to adjust the amounts.

 

Let me walk you through the steps:

  1. On the Banking page, select the For Review tab.
  2. Select the transaction to open it.
  3. Select the Find match button to open the Match transactions window.
  4. Use options from the Show drop-down menu to specify the type of transaction you're looking for.
  5. If the amounts are different, you can locate additional matched transactions. As another option, select Resolve Difference to open the Add resolving transactions field. Then, add the Category and Amount of a resolving transaction until the difference is zero.
  6. You can click the Add new transaction button to add multiple resolving transactions.
  7. Select Save.

 

For additional reference, you can check this article: Add and match downloaded banking transactions.

 

Please let me know if you need further assistance. I'll be around to help. Have a good one.

P
pezzaAuthor
July 30, 2020

Hi @LieraMarie_A 

 

Thanks for the reply.

 

These have already been reconciled.  They are mainly expenses that had been submitted using Expensify, but as mentioned, in the old QB system, the payments made matched the expense total bill and were zero.

 

Now that they have been imported in to QBAO, a couple of them are now showing as the odd pence outstanding on the bill, but they did match before.

 

Is there some different rounding setting in QBAO compared to QBO?

 

I no longer see any way to do what you suggest.  I could unmatch all the items so that it forces me to review and match again, but something seems wrong in that it had ended up with these odd amounts.

 

Thanks

 

Andrew

IamjuViel
IamjuViel
July 30, 2020

I appreciate the additional details you've shared, @pezza.

 

I am here to share some information on how you can resolve the incorrect customer balance in your QuickBooks Online account.

 

Just to clarify, are you getting this incorrect balance after converting your QuickBooks Desktop company file to QuickBooks Online? If so, these usually happen when you used journal entry in applying payments to your invoices.

 

There are two ways to fix these.

  • Turned on the automatic credits in QuickBooks.
  • Matching the journal credits to existing invoices.

You can refer to this article for more detailed instructions: Fix errors when converting from QuickBooks Desktop to QuickBooks Online (Issues after conversion).

 

Keep me posted if you have other questions about managing your transactions. I'm always here to help.

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