VAT
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I am new to QuickBooks Online and am trying to submit my first VAT return. For Box 6, QB is showing the Gross value of sales and not the Net. How do I correct this before submitting my return?
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I submitted a VAT return through QBO, recording and making the payment to HMRC. In Taxes>Paid Returns the amount is shown as Paid and the return is shown in Paid returns. So QBO appears to know that I've made the paymenty. The payment has appeared in my Banking 'for review'. On the 'for review' list is an option to 'transfer'. When I click on the item in the review list it opens up the option to 'Add' the transaction. How should I treat this in my Banking review? It seems to me it would be logical to be able to match the payment to my VAT return, if anything, but this is not an option - it seems I must 'add' or 'transfer' it. If I 'transfer' it, which account should I select as the 'transfer account'? Thanks
Hello, I've recently changed from quickbooks from sage and I'm a bit confused about having a VAT code for a nominal account. Can anyone explain how that works? For example, if I were to assign the 20% tax code to auto expenses but then received an invoice for an MOT, which is exempt from VAT, what would happen?
