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KCBFUK
May 26, 2021
Question

how to account for Monthly Postponed Import VAT Statement (MPIVS) on quickbooks premier

  • May 26, 2021
  • 1 reply
  • 0 views

Hi, I want to know how I input the values from my MPIVS each month so that it adjusts the correct boxes on my VAT return.  I do not have invoices for these amounts as the VAT has been postponed so do I do this as a dummy invoices using the PVA codes or do a journal instead? Thank you

1 reply

LieraMarie_A
LieraMarie_A
May 26, 2021

Hey there, @KCBFUK.

 

Yes, you can enter a journal entry to record the values from your MPIVS on QuickBooks. I'd recommend seeking professional advice from your accountant about this. They can help you properly handle this type of scenario and make sure the boxes on your VAT return are correct. If you don't have one, I can help run a search.

 

Here's how:

  1. Visit the ProAdvisor site.
  2. Enter your city or ZIP code in the Location field. It will display a list of accountants or bookkeepers near you.
  3. You can also filter the service provided, industry served, and product supported to narrow down the results. 

 

I’m adding a guide on how to create PVAT 20% and 0% codes: PVAT codes.

 

In addition, you can check out this article for further guidance about the standard VAT codes listed in QuickBooks: Common VAT Codes.

 

Let me know in the comment section if you have any other concerns or questions. I'll get back to you as soon as I can. Stay safe.

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