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bennewman146
January 30, 2023
Question

Domestic Reverse charge VAT

  • January 30, 2023
  • 1 reply
  • 0 views

Hi,

im new to quickbooks and VAT in general. i have just received my VAT reg number. the company i subcontract too (under CIS) told me itll be paid direct to HMRC the VAT, whilst this is great, how do i amend the bank transactions to reflect this so it shows as the income VAT has been paid direct to HMRC. 

 

i have the last 48 weeks to do aswell so need to figure this out (payments being backdated direct to HMRC) so i can sort my return for HMRC (it took a while to get my code/cert)

 

a simple guide would be great for me being a novice on quickbooks

1 reply

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Kurt_M
January 30, 2023

Hello there. I'll share some details to help you get through this situation so you can accomplish your task inside your QuickBooks Self-Employed (QBSE) company.

 

Before anything else, know that I understand how important this option help you with your business. However, as I've checked here on my resources, the option you're trying to access is not available in QBSE. This feature is achievable if you're using the QuickBooks Online (QBO) version.

 

But still, I want to ensure you can get through this. You can consider categorizing those transactions that are allowable, and to help you prepare for the return, you can check it in your Taxes tab or run the Profit and Loss report on your company. I'll be happy to input the steps below so you can proceed. To begin, here's how:

 

  1. Access your QuickBooks Self-Employed company.
  2. On the left navigational bar, go to the Taxes tab.
  3. Review the allowable transactions.

 

In case you want to a Profit and Loss report, these are the steps:

 

  1. Access your QuickBooks Self-Employed company.
  2. On the left navigational bar, go to the Reports tab.
  3. Choose Profit and Loss report, and then click the View button.

 

Additionally, here's how article if you want to export your reports out of QuickBooks: Export transactions and get reports in QuickBooks Self-Employed.

 

Also, if you have the time, and you wish to learn how you can import transactions in QBSE. Feel free to see this article: Manually import transactions into QuickBooks Self-Employed.

 

Thanks for dropping by here today. If there's anything else that you'd like me to help you with, please don't hesitate to let me know by leaving a comment below. I'd love to assist you again. Take care, and have a nice day!

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bennewman146Author
January 31, 2023

hi, i seem to have the quickbooks online version as i needed the vat and receipts etc.

 

can you note, how to amend/show on current transactions that my company are back dating the payments under DRC direct to HMRC

Nicole_N
Nicole_N
February 1, 2023

Thanks for getting back, @bennewman146. 

 

Making amendments to your current transactions can be tricky. I'd be glad to redirect you to the right support to guide you on the process accurately.

 

Since we don't have the tool to pull up an account here in the Community, I recommend contacting our QuickBooks live agents team. They have the tools required to access your account securely. You can also have a screen-sharing session with them so you'd be guided accordingly.
 

Here’s how you can reach out to them:
 

  1. Click the Help (?) icon at the top.
  2. Select Contact Us.
  3. Enter your issue or question, then select Continue.
  4. Choose to Start a live chat, or Call us.

 

You can visit this article if you want to view transactions and manage your reports: Run reports in QuickBooks Online. 

 

Feel free to leave a reply if you have additional questions about managing your transactions. Stay safe and have a good day!

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