VAT
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There's a tick in MTG and "enabled" but nothing happens
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We use Shopify as our selling platform, and Quickbooks online as our Accounting software. These two systems are not linked, and the sales on Shopify are not logged on QB. We have just registered for VAT and our accountant has advised we do a Journal Entry for the VAT we have collected on Sales on Shopify into QB. He has not explained how this should be recorded to ensure this full amount is recorded shown as VAT Collected on Sales (nor will he explain). Each month we will be inputting a Journal Entry to state the amount of VAT Collected, which will hopefully appear on the VAT Return at the end of the quarter. Any assistance to ensure this is recorded correctly on our VAT Return would be greatly appreciated. Many thanks.
My accountant asked me to reconcile the transactions (previously I hadn't done this and no one seemed to mind) I then went through and reconciled them all and now they are all appearing on my Vat return. What do i do?
We have recently paid an employee expense reimbursements through QBO Advanced Payroll. I have created the expense from the bank transaction, and split this so the expense category is payroll clearing. However, we would like to claim VAT back on one of the expenses the employee made. Using the method described above, I still have £27.25 in my Payroll Clearing account.Is this correct? I can see the transaction on my VAT report, but why has the VAT not been cleared form the Payroll Clearing Account?
Hi I hope someone can help. How do I change my government gateway user id and password on quickbooks? It is linking to an agent logon and I want it to link to the individuals own logon. Thank you
I created an estimate, sent it to my customer. They accepted. I turned the estimate into an Invoice and the total amont changed!!!I look at the estimate and it has caluclated the VAT at only £4.00the VAT on the Invoice was correct at £20.00This is not the 1st time I have noticed this. Why is this happening ?
Hi, please can someone help me? I have a VAT bill that both the HMRC and QB seem to think has been paid, but no money has ever left my account. I've phoned the HMRC and the woman on the phone was scratching her head wondering what had happened and told me to pay it manually, which I have done today. The problem is that QB thinks that my VAT bank account is overdrawn by the exact amount that the VAT bill is for. This is impossible because my business bank account provider does not offer an overdraft facility. I suspect that the problem stems from there being insufficient funds in the VAT account when HMRC attempted to take the payment - I should add that HMRC never raised any question about this and neither did I until now. Of course I moved the right amount of money into the VAT account to make the payment today and QB then thought that my account balance was 0. I subsequently made the payment to HMRC and now QB again thinks I'm overdrawn by the exact val
I have credited several old invoices as bad debts. The VAT return has picked up the old invoices as well as the credit in the current return thus duplicating the invoices and netted off the credit
What package allows me to submit VAT returns
I accidently overpaid HMRC for VAT by £3.99 last quarter and so underpaid by the same amount this quarter. I have recorded the actual payment amounts to the returns (rather than the VAT return amounts) and matched in banking so all is reconciled. The latest VAT return however is still showing that I need to ‘record payment’ even though there is £0.00 VAT due. What else do I need to do to change the status of my return from 'accepted' to 'paid'?
Hi All I use Quickbooks as a day-to-day accountancy software for my VAT business and then quarterly my accountant reviews my VAT return figures (that I send over in an Excel sheet as they don't use QB) and sometimes the VAT figures on my QB is out slightly out with the figure my accountant sends me. As my actual VAT doesn't match my accountant's figure I can't just use the "Record Payment" under the VAT Tax part of QB when I pay my HRMC VAT as it won't "match" the figure deducted from my bank account when I do the VAT transfer. I usually but the VAT payment down as an expense to the business and it shows in my Profit and Loss report but I'm not sure this is correct? Should VAT payments to HMRC be showing on my Profit and Loss report?ThanksAmanda
As a FRS registered business i have always paid VAT on my sales at 10%. i joined QB 3 months ago and created my July END return paying the expexted 10% of my sales. This time for Oct END i have exceptions on my return (not yet filed) i am unsure what to do next. to remove these exceptions. I thought i was doing it all correctly, however i must have done something wrong.
I need to claim the VAT back in my return
HiI have just noticed that our company VAT number is not appearing on our invoices.All the VAT settings are entered and are correct but our invoices do not show the VAT number.How can I get this number onto the invoices please? When I go to custom form styles and press edit it shows this (below) but when previewing the invoice the VAT number is not shown.VAT registration number: XXXXXXXXXSee and edit your VAT number in the VAT centre Hope someone can help!
HiIm getting the We can’t connect to HMRC right now message and was told by quickbooks to speak to HRMC which Ive now done , they say there is no problem their endIve checked my status and details in quickbooks and HRMC and all the details are correct I have just changed from sole trader to ltd company 01/04/2022 and my VAT number is staying the same My last Vat qtr was 01/01/2022 to 31/05/2022The open return on Quickbooks is showing from 01/05/2022 to 30/06/2022 so just 2 months Any ideas how I might resolve this issue Thanks
Hi Can anyone help - when we pay our quarterly VAT bill we have to do it by company credit card which attracts a transaction fee - when we split the payment when it arrives in the banking the fee is ending up in the VAT Suspense Account which is now incorrect on the balance sheet. Can anyone tell us how to manage splitting the VAT payment from the credit card fee when the payment comes down from the bank and how to record it? Thanks
Hi, We received a large amount of refund for the VAT. We are supposing it was some interest received. How can we record it in Quick Books? Say we received £165, not £160, as stated in the submitted VAT Return.When we record £165 VAT Refund and match it in bank account, then there is £5 balance remaining on VAT Centre. If we post £160 as VAT Refund, it won't match the Bank. How can we record a correct VAT Refund amount so that it matches the Bank?
I'm trying to sort out my latest VAT return and there are a number of exceptions appearing which completely screw up the correct amount owed. There seems to be nothing I can do to delete them or deal with these incorrect amounts being added into the return figures
