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A
AbsolutNut
March 21, 2024
Solved

Postponed Import VAT Wrong Tax Code Used Help!

  • March 21, 2024
  • 1 reply
  • 0 views

Hi,

 

Help, I made a whoopsie.

 

Recorded the following import VAT:

 

Box 1 Adjustment £25,466.82

ECPSZR 0% when we should have used PVA Import -0%

 

Box 4 Adjustment £25,466.82

ECZP 0% when we should have used PVA Import 0%

 

The returns were calculated correctly (i.e. both amounts cancelled each other out for return purposes) but it has resulted in a balance of £50,933.64 from these incorrect entries on the Suspense Account. This is now showing on our balance sheet as a negative balance under cash.

 

How can we clear this balance?


TIA,

Steven

Best answer by Erika_K

Let me ensure you can clear your incorrect balance in your Balance Sheet report, Ab. 

 

To remove any incorrect entries, we can modify your tax codes. 

 

I'll show you how: 

 

  1. Go to Taxes and select VAT.
  2. Choose Edit VAT and then Edit Rates.
  3. Click Edit next to the tax rate you want to make changes to.
  4. Make the necessary changes and hit Save.

 

You can refer to this article for more details: Create or delete a VAT adjustment in QuickBooks Online. 

 

If the issue persists, I recommend contacting the Customer Support Team. They have the means to investigate further, ensuring your information's security.

 

Here's how: 

 

  1. Go to the Help (?) icon.
  2. In QB Assistant, enter the topic you need help with. You can also enter questions.
  3. In Search, select Contact Us to connect with a live support agent.
  4. Choose a way to connect with us:
  • Start a chat with a support expert. Live chat all day, M-F.
  • Call us. M-F, 8:00 AM to 10:00 PM, and S-S, 8:00 AM to 6:00 PM.

 

Furthermore, you can visit these articles to learn about the VAT codes, plus how to use them on the sales and purchase forms and the exceptions created when you make changes to transactions that have already been filed in a VAT return in QuickBooks Online:

 

 

Don't hesitate to let us know if you have additional questions about correcting your balances. We're available anytime to assist. 

1 reply

E
Erika_KAnswer
March 21, 2024

Let me ensure you can clear your incorrect balance in your Balance Sheet report, Ab. 

 

To remove any incorrect entries, we can modify your tax codes. 

 

I'll show you how: 

 

  1. Go to Taxes and select VAT.
  2. Choose Edit VAT and then Edit Rates.
  3. Click Edit next to the tax rate you want to make changes to.
  4. Make the necessary changes and hit Save.

 

You can refer to this article for more details: Create or delete a VAT adjustment in QuickBooks Online. 

 

If the issue persists, I recommend contacting the Customer Support Team. They have the means to investigate further, ensuring your information's security.

 

Here's how: 

 

  1. Go to the Help (?) icon.
  2. In QB Assistant, enter the topic you need help with. You can also enter questions.
  3. In Search, select Contact Us to connect with a live support agent.
  4. Choose a way to connect with us:
  • Start a chat with a support expert. Live chat all day, M-F.
  • Call us. M-F, 8:00 AM to 10:00 PM, and S-S, 8:00 AM to 6:00 PM.

 

Furthermore, you can visit these articles to learn about the VAT codes, plus how to use them on the sales and purchase forms and the exceptions created when you make changes to transactions that have already been filed in a VAT return in QuickBooks Online:

 

 

Don't hesitate to let us know if you have additional questions about correcting your balances. We're available anytime to assist. 

A
AbsolutNutAuthor
March 21, 2024

Thanks Erika, solved 🙏

J
Jelayca V
March 21, 2024

Thank you so much for your positive feedback, @AbsolutNut.
 

I'm thrilled to hear that my colleague, Erika, was able to assist you in resolving your concern with QuickBooks. Your satisfaction is our top priority, and we always strive to provide the best possible service to our valued customers like you.
 

Please keep in mind that the QuickBooks Community forum is always available to assist you with any other questions or concerns you may have. We have a team of experts who are dedicated to helping you get the most out of your QuickBooks experience.
 

Wishing you all the best! 
 

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