VAT
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Every receipt I am entering is out by at least 1p, as the system is rounding the VAT figure up, whereas the rule of VAT is to round down, so every invoice / receipt, has a different figure to what Quickbooks is calculating, and it will not let me adjust it. I have to manually add an extra line of each transaction, with "Exempt" being used for VAT, and enter the 1p etc for the item on there. Otherwise the figures differ. Getting highly frustrated.
I've setup my historical accounts on QuickBooks and the only issue I have is that when I prepare VAT returns using the Flat Rate Scheme it shows no value in Box 7 'Cost of Sales'. I've selected the Flat Rate scheme and set the rate in settings. I'm coding the expenses as Purchases - Cost of Sales VAT 20% S. Does anyone know they're not showing up on the form?
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Dear All, I started to use quickbooks online last month to get ready for MTD, having used a basic version of sage for the past 25 years. The problem that I have at the moment is that I have completed a VAT return on sage, manually submitted it to the HMRC and then made the payment. The payment having been made in the current quarter and having been entered on quickbooks as an expense on the VAT Suspense account. This has made the bank balance correct, but I now show a negative figure in the VAT Suspense account. How do I correct this? I also have some expenses payments that where entered on sage but did not get included on the VAT return. These will need to be included on the quickbooks VAT return for the current quarter. Can I make manually adjustments on quickbooks online to correct the total for the VAT return, but not effect the profit and loss accounts?
My client's van is used 75% business and 25% private. I know I should split expenses 75% business and 25% private but there's lots of small value expenses and to save time I'm going to allocate them all to motor expenses and in the annual account apportion 25% of the total to non-business. That's OK for income tax but not OK for VAT which I'll have to deal with as I go along. My client used to use a spreadsheet that correctly claimed only 75% of the VAT. What's the best way to deal with this in QBO? I'm thinking of creating a new VAT code eg VAN and giving it a VAT rate of 14.285% (being 15/105) because 14.285%/114.285% gives the correct result eg £100 of fuel x 14.285%/114.285% = £12.50 which is the VAT content in £100 is £16.67 x 75% business use = £12.50.
My old system automatically filled in Box 2 and Box 9 on the VAT return. How do I make sure Quickbooks treats the VAT on my imported goods and correctly
dd payment every month needs to be entered broken down to three expenses, one has an element of vat but not STD how do I do it?
Ok, so I have registered for VAT and received my number etc. I am aware I can claim the VAT back on certain purchases for the last 4 years, equipment I still have etc, and also for services for the last 6 months. The question is how and where do I input this information/receipts into QuickBooks
In the report box 7 is completed when it doesn't need to be
Long story short - QuickBooks started recording our VAT on the VAT100 incorrectly a long time ago (I think I have figured out why while trying to solve this problem). Every time I tried to "File a VAT Return" through QB it was showing ridiculous figures that were completely incorrect. At the time I spoke to our accountant and she suggested using the "VAT Detail Report" to find the accurate figures and submit them manually to the HMRC website. This is what I have done ever since. To record a payment for VAT to HMRC I have been posting directly to the VAT Control account (something QB warns you about doing but I was told to ignore by the accountant - we have now changed accountants by the way but the new one hasn't picked this up either). I have now realised this is incorrect and the payments (every one since the company began in 2005 and before I started here) should have been put through a Suspense account (I think? Please correct me if I am wrong). Since we are about to hit
I ave looked at the VAT items set up, and it looks as if it is correctly set up, i.e. the relevant return box states <N,6> Net Reverse Charge Sales. Can anyone help?
What is the process in QBOA to move from one vat scheme to another - my client will be moving from Flat rate scheme to the standard Vat scheme? Is it just a case of editing and changing this in the settings option AFTER the end of the last VAT period, before the change?
If I just enter the expense (write cheques) with the correct date I know I will end up with a discrepancy, which I don't want to have to deal with.
Hello, I am a brand new Quickbooks Online Essentials customer in the UK (joined yesterday). We have joined to get ready for the new MTD legislation. We are a VAT registered company and our return periods are Jan-Mar, Apr-Jun, Jul-Sep and Oct-Dec. Our financial year runs from the 1st of January to the 31st of December. I have imported our bank transactions from the 1st of Jan 2019 to present day. I assumed this would be the easiest way to transition between our old methods by starting Quickbooks on the first day of our financial year. One of the transactions imported from our bank is a payment for our VAT return running from October 2018 to December 2018. Please note that this return was filled using HMRCs online portal. NOT Quickbooks. We then made the payment through our online banking. My question is, how should this be categorized? Is this classed as an expense? Is this classed as a transfer? If it is an expense, then what category should it be applied
Hello, I'm new to QBO and I've submitted my first VAT return and had to make two manual adjustments. I have not filed this in QBO yet as I'm not sure how to account for the adjustments. The adjustments were: 1. Unpaid creditor for the period (as we are preparing VAT on cash accounting basis)2. Difference between previous period's VAT filed and VAT refund received. My question is do I mark these adjustments in the "Submit Return" adjust box? Or should I enter a manual journal?The payment has been made (but not recorded yet) as it obviously won't match the current VAT due balance currently showing. Thanks in advance.
A client has had some issues with VAT code set up which are now resolved. Because the codes are now posting correctly, the last several years worth of zero rated transactions have posted to the current VAT return. HMRC are being made aware of the previous inaccuracies, so is it possible to manually adjust box 7 so that only transactions for this period are shown? Or do I ignore the balance carried forward and just submit this period's transactions to HMRC? Many thanks
