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TFB-co-uk
November 5, 2021
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FRS Reporting

  • November 5, 2021
  • 1 reply
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Hi, 

I'm a newbie dealing with FRS (Flat Rate Scheme) so forgive me if my questions seem obvious! 

So I know FRS is only calculated on sales, when setting FRS up in QBO am i correct that ALL    expenses/purchases/cheques are set to "NO VAT" and the gross amount is entered (INC VAT)

 

Is there an exportable report in QBO to establish my clients "deductible expenses"  per quarter, to ensure being on FRS is still beneficial to him? I cant find anything other than the "NO VAT Transactions report" which of course, because the value is entered as a gross figure and as NO VAT, it doesnt have the vat analysis (doesnt show what vat would have been able to claim) which means i have to go transaction by transaction and allocated vat if applicable in another column!

Best answer by katherinejoyceO

Hello there, @TFB-co-uk. 

 

Thanks for sharing your concern here in the Community today. You can run the Transaction Detail report to show the deductible expenses for your customer. 

 

Here's how: 

 

  1. Click Reports in the left navigation bar.
  2. Enter Transaction Detail by Account in the search box.
  3. Click Customise in the upper-right hand part.
  4. Click the down arrow for the Report period and select Custom. 
  5. Enter your preferred date.
  6. Go to Filter and select All Income/Expense Accounts for Distribution Account.
  7. Click Run report.

 

Then, customise and use filters to show the details that only matter to you. 

 

Once done, export the report to excel so you can manage the details and achieve your goals. 

 

Please let us know if you have other concerns. The Community and I will be around to help. Keep safe. 

 

 

 

1 reply

katherinejoyceO
katherinejoyceOAnswer
November 6, 2021

Hello there, @TFB-co-uk. 

 

Thanks for sharing your concern here in the Community today. You can run the Transaction Detail report to show the deductible expenses for your customer. 

 

Here's how: 

 

  1. Click Reports in the left navigation bar.
  2. Enter Transaction Detail by Account in the search box.
  3. Click Customise in the upper-right hand part.
  4. Click the down arrow for the Report period and select Custom. 
  5. Enter your preferred date.
  6. Go to Filter and select All Income/Expense Accounts for Distribution Account.
  7. Click Run report.

 

Then, customise and use filters to show the details that only matter to you. 

 

Once done, export the report to excel so you can manage the details and achieve your goals. 

 

Please let us know if you have other concerns. The Community and I will be around to help. Keep safe. 

 

 

 

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