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J
JT97
November 5, 2024
Solved

Trial balance doesn't match VAT Box 5 very slightly different, need to adjust VAT return

  • November 5, 2024
  • 1 reply
  • 0 views

Looking for some advice please.

 

Box 5 figure on my VAT return is £17.27 different to the trial balance.

VAT Return £519.33- reclaim

Trial Balance £502.06- reclaim 

 

No sales vat as all sales zero rated.

 

I have tried to trace the difference but it is years old.

 

How do I make adjustment please? I want to amend so VAT box 5 figure is £502.06-.

Is a journal the  best option?

 

Thanks

Best answer by JT97

Hi there, JT97. Allow me to help on what account to use to avoid unbalanced VAT on other accounts.

 

When creating a journal entry, you can choose an Income account for recording it. However, I'd suggest reaching out to an accountant before doing so to ensure accuracy in your books.

 

Additionally, you can manage your VAT payments in the tax center in QBO.

 

If you have any more questions or need further assistance, feel free to reach out. I'm here to help.


Thank you

1 reply

K
KayePe
November 5, 2024

There is no direct option to adjust box 5 for the VAT return, @JT97. However, you can create a journal entry to help you resolve any discrepancies between your VAT return and Trial Balance in QuickBooks Online (QBO). Let me help you in addressing this.

 

To adjust the VAT section, click the Prepare Return and use the Adjust option for most boxes. However, Box 5 doesn't have this feature. With this, it's best reviewing the past records to identify and fix any issues. If tracing isn’t feasible, consider creating a journal entry as a last resort and consult your accountant for assistance and accuracy.

 

Follow the steps below when performing the journal entry:

 

  1. Click on the +New button and select Journal Entry.
  2. In the Account field on the first line, choose an account and enter the amount in the appropriate column for debit or credit.
  3. On the next line, select the other account you're moving money to or from.
  4. Ensure the amount is the same in both the Credit and Debit columns.
  5. Add a memo to explain the reasons for the journal entry.
  6. Click Save and new or Save and close.

 

 

On the other hand, when you receive a refund from the HMRC after making a payment, it's essential to create a record to match it with the corresponding bank transaction. For guidance, please refer to this QuickBooks Online reference: Record a VAT payment or refund in QuickBooks Online.

 

Once you've adjusted Box 5, your VAT return and Trial Balance should align perfectly. If you have any further questions, feel free to reach out. I'm always here to help.

J
JT97Author
November 6, 2024

Thank you, what accounts should I use though to ensure I don’t unbalance other accounts?

 

VAT Liability and ?

This is where I am unsure.

 

thank you 

R
RhoiceW
November 6, 2024

Hi there, JT97. Allow me to help on what account to use to avoid unbalanced VAT on other accounts.

 

When creating a journal entry, you can choose an Income account for recording it. However, I'd suggest reaching out to an accountant before doing so to ensure accuracy in your books.

 

Additionally, you can manage your VAT payments in the tax center in QBO.

 

If you have any more questions or need further assistance, feel free to reach out. I'm here to help.

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