Can anyone help with a VAT adjustment ? last quarter i had to adjust VAT on purchases by £500, but I did it in the wrong account - now carried over -£500 to next return?

Hi AnneK1, 

You'll want to adjust specific Vat boxes (1, 2 and 4) so you can correct your previous return. Let me guide you how.

1. In the navigation bar, click Taxes.
2. On the VAT page, select Prepare return for the period you are submitting for.
3. Select Adjust in the VAT line that you want to change.
4. Choose an Adjustment Date and VAT rate.
5. Select the Adjustment Account drop-down menu and choose an account.
6. In the Amount section, enter the amount of the adjustment.
7. Enter a memo to describe the adjustment. Although optional, this is good practice as it will help to identify the adjustment if needed.
8. Select Save.

There are some factors you'll have to consider so you can adjust your current VAT account to correct errors on your previous returns. Please check this article for more information: Adjust Your VAT Liability.

I've also added VAT articles for future reference.

Post a reply if you need further assistance. I'll always be here to help.