VAT
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Hi there, I am compiling my last vat submission before keeping my business but downscaling, I have to include a repayment of vat on the only asset I’m retaining - a works vehicle I purchased 4 years ago, how do I record this vat repayment?
Hi all,I have just submitted a VAT return. I'm given the option to 'record payment' but I get this error message 'could not determine node type'. Can anyone explain this please? And how do I record the payment in this instance.Many thanks.
we currently do not have the CIS function enabled on QB on-lineall posts/ QB information regarding DRC state CIS must be enabled for the standard codes to work on the 1st Marchis this correct or can you use the DRC VAT codes WITHOUT CIS being enabled many thankspaul
Hi everyone, has there been any news when the QBO will be updated with the correct VAT codes or is this required to be done manually? I have guidance from Xero/Sage but nothing from QuickBooks yet. Thanks,Ryan
Hello, hoping there is someone out there that can help me! We have recently taken on a client who has not filed any VAT returns since VAT registration on 1st March 2019. I have reviewed their Quickbooks bookkeeping and made the necessary adjustments. However, none of the overdue VAT periods are showing on the VAT screen (only the current period), and I can't seem to find anywhere to enter a date of VAT registration (hoping that this will then show outstanding periods). It may be that I need to export his VAT returns and use bridging software to bring everything up to date and then use Quickbooks for submission going forward. Any help greatly appreciated!
Hi - My VAT suspense account is showing an accumilated negative balance. this should be 0.00 when reconciled isn't it? the reason been - when I record payment for VAT , it doesn't record it from the actual bank account the money has gone out from. so I need to record anothe payment out from the bank account it self to clear bank transactions. this creates duplicate entries on VAT suspense account. how do I solve this?
My purchase (supplier/Expenses) VAT shows as :Credit bank XXXXDebit Supplier XXXXDebit VAT control XXXXWhich is correct. However, when I look at my VAT control account the VAT value is a credit, have I gone mad or what am I missing?
Hello,I have downloaded my first HMRC PVA report and it appears to be missing several transactions from International suppliers that I was expecting to see. Does anyone know why this might be? can some imports be exempt from import VAT? I have some goods from Belgium and their invoices still say Intra EU transfer??.I wonder should I still input these using the RC MCPP 20% vat code (whilst the PVA codes still aren't working) or choose a Zero or Exempt code??I'm just conscious that my VAT return should reflect the HMRC PVA report which is evidence, rather than note import VAT for every import??I realise that some suppliers wouldn't have known we were using PVA so in this case the VAT has been charged at the point of entry via DHL or similar (ive paid this and will have to claim it back)Anyone have any ideas??Rosie
I'm using Quickbooks Pro 2016 - I need to file a supplementary VAT return to correct some errors but the system won't let me use the same date as my last return. I've seen posts that suggest deleting the journal entry for the initial return but I'm scared to do that in case it completely messes everything up! Some advice would be much appreciated.
I want to perform massive updates (using accountant tool "Reclassify Transactions" ) in order to change the field "Amounts are" type to "NO VAT" (Out of Scope) instead of "Inclusive of tax", as seen here https://prnt.sc/zv21nn I can search for the "Out of Scope" type (see here https://prnt.sc/zv2ijx), but cannot change it, as seen here https://prnt.sc/zv2nyi that option is not available in the Reclassify tool. Please let me know how to perform those changes, manually one-by-one of course is NOT an option. If changing manually one-by-one is possible, then why is that option not available on the Reclassify Tool?Am I missing something? Thanks
Hello, I recently followed the steps given to create a 100% VAT transaction, using the £1 -£1 method and it seemed to work (as the transaction shows the total to be £5000 VAT). However, when I run an audit report it is showing up as -£1. This is causing my VAT return audit to be completely wrong. The actual figure I need it to be is £5000 so it is putting it right out. I get many transactions like this so there must be a quicker more simpler way to correctly input them. How do I sort this out as everything I seem to do on Quickbooks has knock on effects to other things and ends up taking so much time
