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Kh29
July 17, 2020
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I paid two VAT amounts which were due in one transaction, one prior to QBO and one filed using QBO. How should I record this?

  • July 17, 2020
  • 1 reply
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We had a VAT amount outstanding from before we started using QBO. I then filed our most recent VAT return via QBO MTD. We paid both the previous amount and the new filing amount in one bank transaction.

 

So I have three questions I think:

  1. How should I record this in the VAT section? Should we only put in the amount for the VAT submitted via QBO or should I put in the whole amount paid?
  2. Which account(s) should I categorise these two amounts in my banking transactions?
  3. Which supplier should I select for these transacitons? Do I need to create one for the prior VAT and one for the recent VAT?

 

Thanks!

Best answer by Ashleigh1

Hello Kh29

 

 

Thanks for posting your query, 

 

For the amount that you have filed in the taxes page in Quickbooks, what you need to do is click on taxes page> on the return that is filed under actions will say record payment> click on that> the payment page will come up> it will assign it to the correct account for you> you just need to choose the bank account and put the amount in and save. (there is no supplier needed on this) 

 

For the other amount, you can create a supplier if you want to with an opening balance and do that or you could create a cheque/expense posting to another account, for that you should speak to an accountant about where to post it to, they will be able to help and support you on how to do the second amount.

As we are not trained accountants just technical support. 

1 reply

A
Ashleigh1Answer
July 17, 2020

Hello Kh29

 

 

Thanks for posting your query, 

 

For the amount that you have filed in the taxes page in Quickbooks, what you need to do is click on taxes page> on the return that is filed under actions will say record payment> click on that> the payment page will come up> it will assign it to the correct account for you> you just need to choose the bank account and put the amount in and save. (there is no supplier needed on this) 

 

For the other amount, you can create a supplier if you want to with an opening balance and do that or you could create a cheque/expense posting to another account, for that you should speak to an accountant about where to post it to, they will be able to help and support you on how to do the second amount.

As we are not trained accountants just technical support. 

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