VAT
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do I have to reconcile before doing vat return
You have our company registered in UK, I want to change to Irish registered as we are an Irish reg co and reg for VAT in Ireland.
The VAT sales figure on the VAT return should also be £1,200 but isn't. Has this been flagged as a problem? What is the solution for now please?
Hello,I use QuickBooks desktop enterprise version and need some help in identifying a VAT transaction which shows as an opening balance.When I run the VAT control report for a month, it outlines the total VAT transaction that’s owed to HMRC based on the type (invoice/ Credit/ Bill/ Sales receipt/ journal entry). My question though it gives me the details based on transaction activity, is there a way to find the details of a opening balance. The opening balance is the balance carried forward from the previous month.The issue what I have is, this opening balance does not show me the breakdown details of what transactions the VAT comprises off and am having to dig my previous records which is too time consuming. This opening balance was created, because a member of my team did an edit to an historic transaction dated last year without making a note of the customer.Say for instance when I filed my VAT in the month of May the closing balance showed as ‘£0.00, but when I ran my June VAT it s
I recently registered for VAT, and made an adjustment to line 4 of my first return to claim back the VAT for hardware purchased in the previous year before registration. My payment to HMRC has now been made, and I have synced my bank account and matched the payment to the QB record. My bank balance and QuickBooks balance now differ by the exact amount of the adjustment. QBO has been used to manage my accounts the entire time; for when I purchased the hardware prior to VAT registration all the way through to now.
I'm new to VAT and Quickbooks. After signing up for VAT and Quickbooks I somehow signed up for making tax digital, I don't even remember doing this. So my 1st VAT period was going to be 6th of April to 31st of July - return due 7th of September. Signing up for MTD created a new return date of 7th of June. (For 6th of April to 30th of April) I had no idea this new date had been created. No letter, no email nothing. By chance I logged in one day and saw my return was overdue and I had an estimated bill. I panicked and paid the estimated bill, even though I knew I wouldn't have any VAT to pay for the first return. Quickbooks told me to allocate this payment in banking as VAT suspense. I did this however when I look at the VAT reports it's not showing up there. Should it show up there? I don't really understand the VAT suspense.
