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info134
Mar 13, 2019 10:57 AM UTC
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How will QB include the vat on sales and purchases for my 2 months of entries prior to using their program? VAT return due April.

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TaliaIAnswer
Mar 13, 2019 11:34 AM UTC

Hello info134,

 

If you would like these included on your VAT return, you will need to enter these transactions. You can backdate transactions as far back as you would like.

 

Thanks,

 

 

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12 replies

TaliaIAnswer
Mar 13, 2019 11:34 AM UTC

Hello info134,

 

If you would like these included on your VAT return, you will need to enter these transactions. You can backdate transactions as far back as you would like.

 

Thanks,

 

 

    FelixM
    Jun 10, 2019 3:49 PM UTC

    Id like to do the same but with 4 years of backdated equipment purchases. 

     

    I only registered for VAT this May. 

     

    If I import all these purchases as expenses now and put the date as whenever they were in the last 4 years: 

    1. Will QB automatically adjust my VAT for my first return? 

    2. Will it throw my accounts out of whack and make my profits look terrible after taking into account the last 4 years of purchases? 
    3. Is there a way to batch upload these as I have them in a spreadsheet now and there are several transactions. 

    TaliaI
    Jun 10, 2019 4:14 PM UTC


    Hello FelixM,

     

    Any backdating of VAT from before you were registered will have to be included by either manually adjusting the figures for your return, or dating the transactions within your VAT period (making note of the correct date within the description). If you are only accounting for the last 4 years of purchases, your accounts for those years will of course not show correctly - this will be something you should check with an accountant. You can import bills in batch, however these will come across as open, and you will need to mark them individually as paid. You can do this by going to the cog wheel > import data > bills.

     

    Please let us know if you have any further questions.

     

    Thanks,

     

    Talia

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