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BucksHoney
October 3, 2022
Question

Old Invoice underpayment

  • October 3, 2022
  • 1 reply
  • 0 views

Hi All,

We've been using Quickbooks for a while and are still getting used to it. Last year we sold at a local market and to cover the sales we created a single invoice which we thought was the total sales. However when we came to tally up we found we had a £60 short fall of payments vs the invoice amount. Due to our in experience we only noticed this recently. Our question revolves around our VAT statement. We have declared our VAT accounts for the qtrs between the market sale and now. If we now believe the sales where actually £60 less than our self created invoice how should we now deal with it and still be VAT compliant?

Can we just reduce the invoice? Should we just close the invoice £60 short and if so how? Any other suggestions?

thanks in advance

1 reply

J
JamaicaA
October 4, 2022

Hi @BucksHoney,

 

I completely understand where you're coming from and I know how it feels when you're still learning to navigate with the software. I can help write off your unpaid invoices and resolve your VAT concern.

 

You’ll want to edit the invoice to match the amount of the payment. You can also consider the remaining amount as bad debt since it’s been a year. See this article for the detailed steps: Write off bad debt in QuickBooks Online.

 

To identify the best course of action for your circumstances, I recommend speaking with an accountant. An accountant who is knowledgeable with QuickBooks Online would be very helpful in this situation because they have both the accounting and QuickBooks expertise needed to handle it.

 

The My Accountant tab in the left menu is the ideal tool for using QuickBooks Online and interacting with an accountant. It allows you the choice to invite an accountant you already work with as a user to your QuickBooks, offering you the option to use the Find a pro to help button to look for an accountant if you need one. This would provide them access to your books and the resources they need to assist you.

 

We're always here to share our ideas with you if you have other questions or concerns. I encourage clicking the Reply button to share the details with us.

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