VAT
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HiI'm completely new to QB. I have a question regarding expenses, purchases, bills and recording of the VAT/tax amount. I'm not VAT registered yet but will have to do it soon and wanted to record the vat on my expenses. I'm using QB Simple Start, but after some research I came to conclusion that this version of the software might have this functionality blocked. When I go to account and settings and then to expenses section, I see two upgrade buttons and no options regarding tax/vat whatsoever as per attached screenshot. I try to understand why is that, is it because I'm not vat registered yet or is it because I need to upgrade to higher tier to be able to use such a basic functionality?Could someone with similar experience, or with the knowledge of the matter explain it to me?Many thanksK.
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Right, im quite new to QB, Customer returned item and was issued a refund, invoice was made on quickbooks and now i also made a refund invoice, what i want to know is how do i get back the VAT, this has not yet been filled so is there a way around for this? Thanks in advance
We have created VAT code S4 for VAT at 20% on purchases and suppliesThis works correctly when:-1) Creating a Sales Invoice2) Entering a BillBut, when creating a PURCHASE ORDER it calculates VAT incorrectlyTest Case:-Cost Price Excluding VAT £1600VAT Code S4VAT added £266.67VAT Added / Net Cost = 16.6%Using EXCACTLY the same information to enter a BILL givesCost Price Excluding VAT = £1600VAT Code - S4Vat Added £320VAT added / Net Price = 20% Has anybody else noticed?At first I assumed the VAT code was set up incorrectly, but it works everywhere except on a Purchase Order.
I am using Quickbooks 2010 UK Version and Excel 2010. I am trying to create and import IIF files using Big Red Consulting IIF Transaction Creator Pro. How can we create an IIF file for a bill that has VAT? VAT should appear in the Total VAT box and VAT code should be shown in the Split section. I managed to get the VAT amount shown but VAT code is not appearing. Please see the attachment.
Hi. I have updated my VAT periods in my online gateway account so my VAT periods fall in line with my year end. Which means I need to submit a 2 month return. However, QBO hasn't updated to reflect this even though it is connected to my gateway account. So currently it is trying to submit a return from 1/10/21 - 31/12/21 (yes I no its late before anyone else tells me) and it should be 1/10/21 - 30/11/21 and then back to quarterly from 1/12/21 onwards. Does anyone know how to make QBO do this?
We are due a VAT refund of £626.61 but HMRC has paid us £627.00. We have been overpaid by £0.39. How do I account for this £0.39 difference in QuickBooks Desktop please?
I charge a daily rate. Do I apply VAT?
I would like to know how I can categorise payments I want to put aside for paying my quarterly VAT return.Below I have transferred £500 into a seperate starling space for VAT contributions, but unsure on how I record it in quickbooks.
I have signed up for MTD but can’t find my vat figures?
Good morning can any one please tell why our Vat report is showing no info .
I have submitted my Vat return numerous times via Vat MTD and I have tried to do it for the last Vat quarter and it keeps on showing an error 'Check your vat registration number and logon again'. I have checked that my vat number is correct but I still cannot submit my return. Please can anyone assist, I think this has happened before and an advisor was able to assist.
I’m a sole trader and do not charge or pay VAT how do I change all my products and services to no VAT?
Hello, I recently moved to QB. I have uploaded all my banking transactions since 5 October 2020. My VAT scheme is set to start on 1 November 2020 on a quarterly basis. I have an open return for the latest period (1 Nov 2021 to 31 Jan 2022), but I am unble to create historical returns to reconcile past VAT liabilities with VAT payments I have made in the past. QB will neither allow me to create a new return, nor to change the start date of the last open rurn. What should I do? Many thanks Tomas
Hi,Customer wants (long overdue) invoice re-issued in the name of a different company. If I delete the old one (on which I've already paid the VAT) won't I get hit again with VAT? Or will Quickbooks account for that automatically next VAT period?Thanks in advance
Hi. We've been checking our VAT returns and we've been posting against the wrong VAT code. We've sorted this problem out but whilst we were doing it we think we 'turned off' the 'NO VAT' rate somewhere in settings on in a list somewhere. We now can't find where we need to turn it back on. The 'No VAT' rate doesn't appear in the VAT rate list, even when you make sure it shows all inactive rates. When I try to add a new rate called 'NO VAT' I get a message which says 'Another tax rate is already using this name. Please use a different name'. My question is where is it then? I spent an hour chatting to a Quickbooks service assistant via the chat function and they couldn't find it and ended up telling me it was a browser issue, I'm pretty sure it isn't. Can anyone help me find my 'NO VAT' rate?
Hi, I'm preparing my VAT return and noticed that Quickbooks is incorrectly calculating my VAT due on sales - it's off by quite a significant amount. After some investigation I can't see any duplicate transactions and all transactions have been recorded with the correct VAT codes. However I have run my VAT audit report and there are loads of payments showing on there that were actually received in previous VAT periods - it seems like they are being recorded on the day the invoice was paid off instead of the days the individual payments were actually made. I have it set to cash basis.The screenshot attached is an example of this problem - it's showing three payments made on 3/11, when in fact only one of those payments was made that day - the other two were actually made in the October and September before (the invoice was paid in stages). This is correctly dated on the invoice payments, so I'm not sure what's going on. The same thing is happening with almost all my invoices.How can
