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M
martin goldsmith
August 6, 2024
Question

MTD data differs to HMRC after moving from SAGE

  • August 6, 2024
  • 1 reply
  • 0 views

I used (and still do) QB, whilst for a brief time my accountant used Sage for VAT returns.  I have pulled it all back to QB but some data changed in this interim, meaning the data they scraped from QB into Sage for the returns altered.  When I re-activated MTD in QB, QB wanted to re-submit all my old VAT returns but only in theory, no returns were actually done.  As invoices were altered during this time, the returns were different to what HMRC hold on me and QB is expecting me to record different refunds / payments.

 

My main concern, QB thinks I had some refunds in old Q whereas I actually made payments.

 

Is there a way to do a jounal entry or similar to get this difference back as at the moment, QB isn't correctly accounting for a payment in old Q.

 

Thanks for any input

Martin

1 reply

A
AnneMariee
August 6, 2024

Ensuring your records are accurate is vital, Martin. Let me guide you through correctly accounting for your payments in QuickBooks Online.

 

Migrating data from Sage has limitations, including potentially removing your recorded payments. To rectify this, you'll need to record the VAT return payments in QuickBooks manually.

 

Here's how to record a VAT payment:

 

  1. On the left navigation panel, hover on Taxes.
  2. Select VAT.
  3. Go to the dropdown menu next to the return.
  4. Click Record Payment.
  5. Choose the bank account you used to pay HMRC.
  6. Enter the payment date and amount in the appropriate fields. You can also add a memo for reference.
  7. Hit Save.

 

For detailed guidance, refer to this helpful resource: Record a VAT payment.

 

Additionally, for future reference on managing your finances, here's a useful article: Use reports to track cash flow.

 

If you have more questions about accurately recording your payments in QuickBooks, feel free to reach out again, Martin. The Community is always here to assist you. Take care!

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