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Is anyone having problems with flat rate vat? I am unable to amend transactions for previous periods, get a message telling me to post a new transaction to correct
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Good day, leeg75.
In QuickBooks Online, we can undo the transactions we've added into the register through Banking. That way, we can make corrections to these transactions. You can follow these steps:
- Go to the Banking tab and select Banking.
- Locate and select the bank and go to the Excluded section.
- Find the transaction you've accidentally added to the wrong account. Click on Undo.
You'll want to check these articles if you need more help with VAT:
I'll be here if you need more help with this. Have a great day!
Hello Community Users, We just wanted to pop in and update this thread. If you want to edit or delete a transaction on an already filed VAT return and you are on the FRS scheme it is a case of creating a journal entry. We've included the help article here(as there are screen shots of how to and further links) just look at the edit/delete section We've included part of the explanation below as well.
Because of the way Making Tax Digital works on the Flat Rate Scheme, you can't edit or delete transactions in a return that has already been filed.
If you need to make changes, you'll need to create a journal entry to reverse the original transaction by reversing the amounts of the debits and credits. Then, if needed, create a new transaction with the correct information. The best way to make sure it's reversed correctly is to use the transaction journal for the transaction you want to change and reverse the amounts that are in the debits and credits column. Enter the applicable VAT code(s) in the VAT column of the journal entry next to the line(s) that had VAT in the original transaction.
Any questions just ask
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