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March 1, 2020
Question

Need to make changes as company is deregistered from VAT

  • March 1, 2020
  • 1 reply
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My company has deregistered from VAT as from 01/03/2020.  How do I make the necessary changes?

 

1 reply

Kristine Mae
March 1, 2020

You can create VAT adjustments in the return, Magda2020. This will help you make some changes.

 

I'll help you how:

  1. Click VAT.
  2. Select the return, then click Prepare return.
  3. Select the VAT line, then click Adjust.

Once you enter an adjustment, QuickBooks Online will create an entry automatically. 

 

As always, I'd suggest conferring with your accountant before creating any adjustments. This is to make sure your taxes are accurate. 

 

I'll share a reference on how to track sales tax adjustments

 

Feel free to visit the Community if you have other VAT concerns. We're here to lend a hand.