VAT
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Hello, My financial period runs from November to October, but my VAT quarterly filing period begins from Dec to Nov.I have 2 questionsUnder taxes > Edit Settings - I was able to change my VAT calculation period to begin from December. But under ‘Accounts and settings’. Advanced – Accounting – Why is there no option to choose the First month of the tax year? Unlike with Desktop Premier, I was easily able to select my tax year period. Please note – I’m currently doing a test on QuickBooks online, so my MTD is not switched ‘ON’,With Intuit discounting desktop premier effect Jan 2023 – I’m trying to migrate the data to Ouickbooks online. The question I had is about the VAT period. I have filed Dec – Feb and Mar – May VAT returns in Desktop Premier using MTD. With my VAT date beginning in Dec, - how do I display the current VAT period of Jun through Aug? Any help or suggestions would be helpful. Please refer attached snapshot… ThanksChris
Hi Team, I currently use QuickBooks desktop premier and am planning to switch to QuickBooks Online plus. Currently, am doing testing with QuickBooks online to understand the functionalities of the system. As Intuit has put a hold on the migration feature, I’m trying an alternative way to migrate my data to QuickBooks online. I was able to import the chart of accounts, product list, customers, and suppliers successfully. For the chart of accounts, I had to go to each account type and process the opening balance with the corresponding entry, triggering the opening balance. The customers' and suppliers' available opening balances were moved successfully as either a credit note or an invoice as an opening balance entry. Despite the fact that these entries have been processed, I cannot see the opening balance entries (debtors / creditors) getting reflected under ‘Uncategorised income’ and ‘Uncategorised expense’ In QuickBooks desktop premier I would normally
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What have I done wrong total purchases is different to total in expences
I was posting classes by line, I have tried swithcing on post classes by transaction but the screen is the same
I account for VAT on a cash basis and moved over to Quickbooks Online at the beginning of a VAT quarter but before the previous quarter had been paid.My accountant suggested an opening balance on VAT control to account for the outstanding liability but now I need to record the actual payment to HMRC and can't see how to do this. Can you advise please? For subsequent quarters I believe it should be straightforward as the VAT will be accounted for within Quickbooks.Thanks very much!
just wondering why there is not an automatic message on invoices when the DRV vat codes are used. Is it jsut me or is this a major oversight on behalf of QB when it became law 18 months ago
The Green Tick Box is Showing Companies as VAT Enabled - But We cannot file any VAT Returns whatsoever and VAT is not showing up in the Accounting Gear Wheel for any of Our VAT Companies.
Hi. I overpaid a VAT payment by paying double.HMRC cleared down the quarter I owed (Q4) and held the other half on account for the following quarter (Q1).When I reconciled my bank account I listed the payment for Q4 correctly through MTD but the second payment I listed as an expense and reconciled the bank.Now, when I want to record the second payment in Q2, I cant as it will think I am taking more from my bank account.How do I change the old Q1 second payment, now reconciled, to show it as a VAT payment in Q2. Thank you
is it a deposit
I've recently gone Vat registered and am trying to settle up my first payment. I can click on 'Prepare return' and then submit to HMRC, but the end date of the report in next month so it comes up 'Select an end date which is not in the future' but I can not see anywhere to edit it. I've tried a quarterly report but it just goes back to this. Thanks
Our client has had to back date VAT registration to 1st December 2020. As a result the first VAT return will be for the extended period 1st December 2020 to 30th June 2022 (i.e 17 months). Setting the VAT start as December will not pick this up. How can we set the first VAT return dates in QuickBooks to report this and submit the VAT return for the 17 month period?
I am at banking transactions and only have the option of expense or cheque? There is not specific category for vehicle purchase only equipment leasing or purchase-1 and neither of these fall under assets? the van was paid for outright so not leased? any advice?
I have signed up for VAT/MTD doing an annual VAT Return in May. HMRC says that I can make my first return match my year end, which is 31st March 2023. How do I set this up in QBs because when I put in the date of registration, it automatically adds one whole year?
Having transferred from the FRV scheme to Standard Vat, I am attempting to get to grips with Quickbooks online vat.I have bank charges and rewards to post, but these are exempt and neither a sale nor purchase.QB has automatically set the vat codes as either a sale or purchase, and I can not add a new code without selecting sales or purchase.Can anyone adviseMany thanks
Our client deregistered for VAT - and has recently hit the threshold again meaning they have reregistered but with a different VAT number. This would normally be fine - however the MTD link is failing because we have VAT exceptions from periods during their previous VAT registration - which obviously cannot go through late claims on a totally different VAT number and registration. This issue is that these 2 VAT exceptions don't seem to be correctable, they were simply recoded to different nominal codes of the same type (e.g corp tax payable, to NI and PAYE Payable) with no changes to tax rates. So I'm basically unable to force these 2 transactions to disappear from the exceptions list, because from what I can tell they aren't exceptions at all. Has anyone seen this before? Cheers,Freddy
We have a bill for input VAT where a supplier had incorrectly not charged VAT. How do I make an entry to claim this input tax ?
Hello this is my first time on Quick books, I connected to HMRC to do my vat return, on boxes 1,2 and 4 i have put in the wrong amounts and I need to zero them and start again but it doesn't let me do this, i have not submitted it to HMRC yet as it is incorrect and I would like to know how i can correct this error
Does Quickbooks only account for VAT once an invoice has been paid? Regardless of whether its a sales invoice or purchase invoice
