Skip to main content
B
billydkc
February 16, 2021
Question

100% VAT transaction not showing up correctly on VAT return?

  • February 16, 2021
  • 1 reply
  • 0 views

Hello,

 

I recently followed the steps given to create a 100% VAT transaction, using the £1 -£1 method and it seemed to work (as the transaction shows the total to be £5000 VAT). However, when I run an audit report it is showing up as -£1. This is causing my VAT return audit to be completely wrong. The actual figure I need it to be is £5000 so it is putting it right out. I get many transactions like this so there must be a quicker more simpler way to correctly input them.

 

How do I sort this out as everything I seem to do on Quickbooks has knock on effects to other things and ends up taking so much time

1 reply

BettyJaneB
BettyJaneB
February 16, 2021

Great job in creating a 100% VAT transaction, @billydkc.

 

Let me share some insights regarding the factor that can be the reason why the audit reports show incorrect VAT amounts.

 

When pulling up the VAT 100 report, make sure that we've selected the correct accounting method. Choose Cash to include only the money you’ve paid or received. While the Accrual contains open invoices and bills. You'll want to check this article for your reference: Choose between cash and accrual accounting methods in reports.

 

Aside from that, make sure that we have set the correct reporting period. This will filter the data showing in the report. 

 

Once verified and the problem continues, I recommend contacting our Customer Care Team. They have the tools to check on your VAT setup and identify the root cause of this issue.

 

To do that:

  1. Click on Help at the top menu bar.
  2. Hit on the Contact Us button.
  3. Enter a brief description of the issue in the What can we help you with? box.
  4. Press on Let's talk.
  5. Select on Get a callback.
  6. Key in your contact details, then tap on Confirm my call.

contact us1.PNGContact us2.PNG

 

Keep me updated here on how things turn out by clicking the Reply button below. I'll be here to help get you back to business. Take care!

Terms & ConditionsAccessibility statement