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Imp_star
July 1, 2022
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Adjusting VAT for cumulative Sales Receipt

  • July 1, 2022
  • 1 reply
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Good morning,

 

Not sure if possible? But any help appreciated.

 

Was looking to add historical sales to QBO in a cumulative amount to aid having to enter hundreds of individual transactions.

 

I need to show the total sales, any refunds, and these sales all have associated fees.

 

Sales receipt basic thoughts were to show:

Item Line 1: Total Sales (+ funds)

Item Line 2: Refunds (- funds)

Item Line 3: Fees (- funds)

 

This would then give me a Receipt balance which would 'match' a historical payment into my bank, and also prove my gross sales minus costs

 

Every individual transactions was subject to VAT - I enter the total net figures into the receipt but the VAT figure showing is incorrect as QBO uses the 20% Standard rate to calculate.

 

Is there a way of 'adjusting' just the VAT amount on the sales receipt so that it matches my records?

 

Hope above makes sense?!?

 

Cheers muchly Nick

Best answer by Kurt_M

I appreciate your detailed post, @Imp_star. I'll be happy to share some insights about VAT, and how you can do it create an adjustment in your QuickBooks Online (QBO) account.

 

In QBO, when creating a sales receipt you can select a specific VAT rate. However, It won't create adjustment to your existing transactions. To begin, here's how:

 

  1. Access your QuickBooks Online company.
  2. On the left navigational bar, click the +New button.
  3. Under Customers column, select Sales receipt.
  4. Fill in the fields, and then click the box below the VAT section.
  5. Choose your preferred VAT rate by clicking the dropdown arrow button.

 

 You can consider adding a VAT adjustment manually in your QuickBooks Online account. Feel free to refer to this article for more information: Create or delete a VAT adjustment.

 

You may also check this article in case you'd like to set up and edit your VAT in QBO: Set up and edit VAT settings, codes and rates in QuickBooks Online.

 

Do you have other concerns regarding VAT adjustment in QuickBooks Online? or do you need help managing them? Feel free to get back to me anytime and I'll be glad to help you out again. Have a great weekend!

1 reply

K
Kurt_MAnswer
July 1, 2022

I appreciate your detailed post, @Imp_star. I'll be happy to share some insights about VAT, and how you can do it create an adjustment in your QuickBooks Online (QBO) account.

 

In QBO, when creating a sales receipt you can select a specific VAT rate. However, It won't create adjustment to your existing transactions. To begin, here's how:

 

  1. Access your QuickBooks Online company.
  2. On the left navigational bar, click the +New button.
  3. Under Customers column, select Sales receipt.
  4. Fill in the fields, and then click the box below the VAT section.
  5. Choose your preferred VAT rate by clicking the dropdown arrow button.

 

 You can consider adding a VAT adjustment manually in your QuickBooks Online account. Feel free to refer to this article for more information: Create or delete a VAT adjustment.

 

You may also check this article in case you'd like to set up and edit your VAT in QBO: Set up and edit VAT settings, codes and rates in QuickBooks Online.

 

Do you have other concerns regarding VAT adjustment in QuickBooks Online? or do you need help managing them? Feel free to get back to me anytime and I'll be glad to help you out again. Have a great weekend!

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