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S
skjdfhdesfvkhj
April 14, 2023
Question

Bank account amount wrong when doing VAT adjustment

  • April 14, 2023
  • 1 reply
  • 0 views

I made a VAT adjustment due to under payment and Quickbooks has added the adjustment as income into my Bank account.

 

Example :

VAT was £5000

Vat Adjustment £2000

Total VAT due becomes £7000

 

Quickbooks adds £2000 to my bank balance for no reason. I am paying VAT so why is it increasing my bank balance by £2000 in this example.

 

How would I correct this incorrect entry

1 reply

A
Ashleigh1
April 14, 2023

Hello skjdfhdesfvkhj, thanks for posting on the Community page, When you created the adjustment you won't have changed the adjustment account which defaults to the top account on the account list, which is usually a bank account. You will need to delete the adjustment and recreate it using an appropriate adjustment account.

S
skjdfhdesfvkhjAuthor
April 15, 2023

When I try to delete the adjustment it wont allow it. Tried to create a journal entry, that cant be done as the Bank Account does not appear in the list, tried to do a transfer from the bank account to the VAT Control account that's blocked as it says used by system.

 

I just need to transfer the money from the bank account to some form of VAT Adjustment account, how do I do that

A
AileneA
April 15, 2023

We'd want to ensure we get this sorted out, skjdfhdesfvkhj. 

 

I understand it's not easy, especially when money is involved. Since you've mentioned that you attempted to transfer from the bank account to the VAT Control account, it says blocked and used by the system. I suggest reaching out to our customer support team. This way, one of our agents can check your account and investigate this further.  

 

Here's how to reach them:

 

  1. Sign in to your QuickBooks Online company.
  2. Select the Help (?) menu.
  3. Choose the Assistant tab.
  4. Click the Talk to a Human option.
  5. Press Get help from a human.
  6. Tap either the Chat with us or Have us call you button.

 

To know about how VAT exceptions work, please check out these articles:

 

 

Get back to us here if you have other questions or concerns. I'm always here to help. Have a great day!

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