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georgecrozer
November 25, 2019
Question

How do I enter opening balance for VAT ?

  • November 25, 2019
  • 1 reply
  • 0 views

I have started using quickbooks mid way through a VAT period. I have the balances for each of the VAT boxes from my old sage accounts and would like to journal them into the VAT control account. So when my next VAT quarter is due the sales and purchases I've made since the change over are added correctly to each box. In short Im asking how to record VAT opening balances. I won't be entering sales and purchase invoices from the old accounts packages.

1 reply

Kristine Mae
Kristine Mae
November 25, 2019

You can create a journal entry to enter the opening balance, Georgecrozer. I'll show you the steps.

 

First, here's how to create a journal entry:

  1. Click the Plus sign (+) icon.
  2. Select Journal Entry.
  3. Fill in the necessary fields.
  4. Click Save and close.

Then, mark the entry as reconciled. This way, it will not show up when you reconcile your account. Here's how:

  1. Click Accounting, then go to Chart of Accounts.
  2. Look for the account, then click View register.
  3. Look for the journal entry, then tick the column between Deposit and Balance until you see an R.
  4. Click Save. 

As always, I suggest conferring with your tax adviser or accountant on what accounts to use when creating the journal entry. 

 

I'll add the reference on what you can do if you didn't enter an opening balance in QuickBooks Online for future help. 

 

You're welcome to post in the Community if you have other VAT concerns. We'd be happy to hear from you again. 

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