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i-account
April 28, 2020
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Reconcile payment of VAT

  • April 28, 2020
  • 1 reply
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I submitted a VAT return through QBO, recording and making the payment to HMRC.

 

In Taxes>Paid Returns the amount is shown as Paid and the return is shown in Paid returns.  So QBO appears to know that I've made the paymenty.

 

The payment has appeared in my Banking 'for review'.

 

On the 'for review' list is an option to 'transfer'.

 

When I click on the item in the review list it opens up the option to 'Add' the transaction.

 

How should I treat this in my Banking review?  

 

It seems to me it would be logical to be able to match the payment to my VAT return, if anything, but this is not an option - it seems I must 'add' or 'transfer' it.

 

If I 'transfer' it, which account should I select as the 'transfer account'?

 

Thanks

Best answer by MaryLandT

Hi there, i-account,

 

I'm here to help ensure you're able to match the VAT payment to the entry showing up on the For Review tab.

 

If you go to the bank account chart of account and can see the Tax payment already recorded there. You can exclude the transaction in the banking transactions that are in for review. As it is already recorded. If you can not see it in the chart of account bank account. It may mean that you have assigned a different chart of account. You then have the option to delete the payment made in QuickBooks. Then, record it again and ensure you're using the correct bank account.

Let me show you how:

  1. Go to Taxes, then VAT.
  2. Proceed to the Payments tab.
  3. Select the payment, then click Delete.
  4. After that, go back to the Returns tab and record the payment.
  5. On the Record VAT payment page, choose the director's current account.
  6. Enter the Payment date and amount, then click Save.

Once done, go to your Banking page. Then, match, categorise, and add the payment to your register.

 

Let me know if there's anything else I can help you with. Just tag my name and I'll be glad to help.

1 reply

A
Ashleigh1
April 28, 2020

Hello I-account, 

 

Welcome to the Community page, 

 

For the banking page to find a match, it has to have the same date, amount and account on the transaction created in quickbooks in order for it to find it. please can you check that this is all the same on your taxes payment and the transaction in the banking screen. 

 

 

I
i-accountAuthor
April 28, 2020

The director's current account has been set up as a bank account.  The payment of VAT has been incorrectly recorded against this account.

I'm not sure how or why this happened.

I cannot see any option to edit the payment - when I open it I can only print, delete or close the payment.

How do I change this so that QBO correctly reflects the payment coming out of the company's bank account?

 

MaryLandT
MaryLandTAnswer
April 28, 2020

Hi there, i-account,

 

I'm here to help ensure you're able to match the VAT payment to the entry showing up on the For Review tab.

 

If you go to the bank account chart of account and can see the Tax payment already recorded there. You can exclude the transaction in the banking transactions that are in for review. As it is already recorded. If you can not see it in the chart of account bank account. It may mean that you have assigned a different chart of account. You then have the option to delete the payment made in QuickBooks. Then, record it again and ensure you're using the correct bank account.

Let me show you how:

  1. Go to Taxes, then VAT.
  2. Proceed to the Payments tab.
  3. Select the payment, then click Delete.
  4. After that, go back to the Returns tab and record the payment.
  5. On the Record VAT payment page, choose the director's current account.
  6. Enter the Payment date and amount, then click Save.

Once done, go to your Banking page. Then, match, categorise, and add the payment to your register.

 

Let me know if there's anything else I can help you with. Just tag my name and I'll be glad to help.

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