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May 12, 2019
Question

How do I input the vat element for a customer who has an opening balance prior to my Quickbooks start date?

  • May 12, 2019
  • 1 reply
  • 0 views
I am using cash accounting so the VAT has to show up in the next quarter when payment is made.

1 reply

May 13, 2019


Hi julimcguigan

 

Create the customer wand enter an opening balance with an as of date before you started QuickBooks, this will create an open invoice which you will have to ensure that the relevant tax rate is recorded, then when you receive the payment ensure the date is in the quarter you require and the VAT will be accounted for.