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May 3, 2020
Question

CAN YOU HELP ME WITH FIGURES ON BOX 7 OF VAT RETURNS ARE NOT CORRECT

  • May 3, 2020
  • 1 reply
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1 reply

JasroV
May 3, 2020

Greetings, @alnasirbvisram.

 

You'll want to enter VAT adjustment from the box 7 of your VAT return. I'd recommend consulting with your accountant to ensure you record it accurately. Here's how to enter a VAT adjustment.

 

In your QuickBooks Online (QBO) account:

  1. Go to the Taxes menu.
  2. On the VAT page, select Prepare Return for the period you are submitting for.
  3. Click Adjust in the VAT line that you want to change.
  4. In the Amount section, enter the amount of the adjustment.
  5. Enter a reason for this adjustment. 
  6. Select Save.

Here's an article you can read for more details: Adjust your VAT liability.

 

I'm also adding this great article that you can read to learn more about setting up VAT in QBO: VAT: Getting Started.

 

Let me know if there's anything else you need help with. I'm always around to help you. Take care!