VAT
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how do I remove the vat column on the purchase order template in QuickBooks advanced
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I am trying to achieve the opposite effect. The company should not have been put on standard VAT accounting - now I am trying to sort out a lot of issues that took place when QB was set up. I have done everything that is listed above and it shows a tick in cash account. I click save and then go to run the return for April to June 2024. And nothing has changed - box 1 shows the sales invoices listed in date of issue, not the amounts received. This is so frustrating as they have clearly been paying VAT far earlier than they needed to and they could do with a welcome respite on this return but I cannot get QB to oblige.
Submitted the tax return. Made the payment and when l tried to match it it shows twice so l need to delete one which it doesnt let me
Why is my vat report not showing sales in box 6 on my vat return
Hi, I'm a UK seller and use QuickBooks Self-Employed, I'm not VAT Registered. I'm going through my accounts and noticed that Etsy charges me VAT and QB Self Employed imports the transactions and automatically categorizes them as below. DateTransactionAmountTypeCategory01/08/2024VAT: VAT sellers service fee-£0.16BusinessOther business expenses Do I leave it in this category, or change it to "VAT Paid" even though I haven't paid the VAT myself? Or maybe another category such as "Other financial charges"? VAT PaidVAT payments you make.Other financial chargesAlternative or miscellaneous finance charges.Other business expensesMiscellaneous business expenses like payments for professional journals or other running costs. Also, I believe "Sales tax: Sales tax fee", "Transaction: Payment processing fee", "Transaction: Transaction fee", and "Other fees: Fee" would be categorized as Other financial chargers or maybe Bank Charges? I'm a little confused about it,
Our company is leaving the VAT flat rate scheme (FRS). Our last day on the scheme was yesterday, 31st July. This was the last day of the VAT quarter for us. Today is 1st August, the first day of our next VAT quarter, and we are starting on the standard scheme today. We've already informed HMRC that we'll be using the standard scheme from today. I want to know the clearest way to do this in Quickbooks. Should I edit the VAT settings today, or should I wait until we have completed our VAT return for the last quarter (ending 31st July)?I know I need to go to VAT settings, and uncheck the FRS scheme. But I'm not sure about the 'effective date for new scheme' field. This currently shows a date from last year. Do I need to manually set this to be 1st August of this year?
I have 10 returns that are overdue and have been estimated by HMRC. I need to submit returns but I can't see them in QuickBooks. Only the current open return is displayed. Thanks
Hi everyone, We are an online store selling products. We are VAT Registered in Switzerland, the UK, France and for the OSS. Is there a way to track separate VAT Returns? Under add tax - Would I add:Swiss VAT 8.1% (Group Rate?)UK VAT 20% (Group Rate?)France VAT 20% (Group Rate?)OSS VAT ((Group Rate?) - with all the different VAT rates for individual countries? Uf yes, how do I manage this on booking my income and expenses?And how do I pull the separate rates into a VAT return for each specific region?Would the Shopify and Quickbooks Integration help with this? Thank you very much!
I have a VAT Rate with Tax Name 'TEST', 20%, Expense Account, Net Value of Purchase, rate is active. None of the transactions using this rate appear in BOX 4 on VAT 100 summary. Instead, they appear in Profit & Loss under HM Rev & Customs (VAT) Expense?
So, half has been paid thru bank account of company 1.Other half through credit agreement for company 2.I have set up a non current liability account for the loan in company 2, but unsure how to record the whole purchase in QBO, including VAT. For either company!For example, if I put the whole cost through company 1, it wont tally in the bank reconciliation, as only £550 of the £1100 went through theirs. And vice versa in the other company, if I put the direct cost through, there is no bank transaction for it..
Someone has filed a VAT return showing "open transactions" that don't appear in the VAT detail report
The program has added together my figure for “collected on sales” and my figure “paid on purchases” to suggest that I pay HMRC the sum of the two figures. I am pretty sure that I am supposed to deduct the figure “paid on purchase” from the “collected on sales” figure and pay HMRC the balance, not the sum of the two figures. Something is clearly wrong. Any clues?
Hi I recorded the vat Payment in the wrong account instead using our bank current i used cash in hand account. How to correct it?thanks.
I want to reclaim this.Why does it not recognise it!!!
I have paid a quarterly VAT bill, reconciled the bank account and coded it to the VAT liability in the balance sheet. When I go to the Taxes : VAT part of QB and record the payment, the bank account reduces incorrectly and the payment doesnt appear. Essentially QB is recording the payment twice even though it is paid only once appearing in the list of bank transactions.How do I record a VAT payment in the Taxes : VAT section, get it to appear against the only payment in the list of bank transactions and match it.
I have been with Quickbooks for a number of years but the link from Quickbooks to HMRC for VAT is not working and it is asking me to sign in. According to the website I am already logged in and registered with HMRC. How can I resolve this?
The business has only just registered which is why such a long period but it should have registered from 1/8/21. Quickbooks has pulled in the period starting 1/8/21 but just as one period to 30/6/24, there were lower rates before April 2022, how do I correct the return for this as only seem to be able to select one VAT rate? Thanks
Hi, I do the bookkeeping for a company, and we have a situation where a supplier had to register for VAT retrospectively, and asked if we could pay the VAT on a transaction that happened last year. This was no problem, as we are also VAT registered. But my question is, can I post the VAT directly to the VAT control account? This is what I'm planning, but I don't know if it'll definitely work. When I pay him, I'll do a VAT only transaction, dated for today, so it has the correct date coming out of the bank. Then I will make two journal entries to move the VAT to an earlier period (let's say £300 on 30/11/2023). So: Today - Dr Accruals £300, Cr VAT Control £30030/11/2023 - Dr VAT Control £300, Cr Accruals £300 Thanks for your advice.
I want to record a VAT payment made to HMRC from my personal account which I don't have linked to QBO for obvious reasons. It didn't come out of my business bank account. When I make business purchases from my personal account I use an equity account to show that money has come from me.VAT payments can only come from a "Cash in hand/bank" or Credit Card account. How do I show that I have personally paid the VAT?
How can I change a category from.expenses to sale of product
Surely, if I click the green button (see screen grab) to 'Record Refund' the moment I have sent my VAT Return to HMRC as I'm being advised to do, I won't be able to record the refund since the refund will take some days to be paid by HMRC?
