Skip to main content
L
liza-careandcomp
May 1, 2024
Question

Uploading bulk credit notes - needs to be Exclusive of VAT

  • May 1, 2024
  • 1 reply
  • 0 views
When I upload a bulk credit note and mark that it is to be exclusive of VAT the amount isn't correct - I change the editable vat to be inclusive, then back to exclusive and then the amount if correct - is this a bug or something I am doing wrong?  Thanks in advance

1 reply

M
MichaelaS
May 1, 2024

Let me assist you in checking the setup of your VAT in QuickBooks Online (QBO), Liza.

 

There are two possible reasons why the amount is showing incorrectly. It could be due to the VAT setup in QuickBooks or the VAT being selected incorrectly during import. Let me share below the tips to fix this.

 

First, check the set-up VAT for your company. Here's how:

 

  1. Go to Taxes and select VAT. Or, go to Get Things Done and select Set up VAT in QuickBooks.
  2. Select the month you need to start calculating VAT from.
  3. Select your filing frequency for VAT. On How often you will submit VAT returns to HMRC.
  4. Choose your accounting method (standard or cash).
  5. Enter your 9-digit VAT registration number.
  6. If applicable, select the Flat Rate Scheme (FRS) box and enter the percentage and tax registration date.
  7. Select Next, and then OK.

 

Check this article for more detailed steps in editing and customizing taxes: Set up and edit VAT settings, codes, and rates.

 

After that, proceed to import your credit notes. Then, ensure to select the correct VAT option to Exclusive or Inclusive. Refer to the screenshot below.

 

 

For more detailed information on correctly importing credit notes, check this article: How to import credit notes.

 

I'm also adding this article in case you need to adjust your VAT liability: Make VAT adjustments in QuickBooks Online.

 

Keep us posted if you have other queries about VAT calculation. We're always here to help. Have a good one.

L
liza-careandcompAuthor
May 2, 2024

Hi, I have checked our VAT Settings and they are correct and also checked and we are selected the correct VAT on Upload - it seems to be a bug as when I change it and then change it back then the amount is correct?

A
AileneA
May 2, 2024

I appreciate you checking the VAT setting and selecting the correct one, Liza. I have some steps you can perform to check if this is something caused by your browser. 

 

Let's open your QuickBooks using an incognito to check the incorrect VAT calculations if it's a browser-related issue. This does not store cache, which has the potential to become corrupted and cause unexpected behavior.  

 

Below are the shortcut keys you can use:

 

  • Google Chrome: press Ctrl + Shift + N
  • Mozilla Firefox: press Ctrl + Shift + P
  • Microsoft Edge: press Ctrl + Shift + N
  • Safari: press Command + Shift +N

 

After logging in, check if the VAT amount is accurate. If it is, switch back to your usual browser, clear the cache to remove accumulated data, and refresh the background processes. However, I suggest using a different supported browser or device if the VAT amount is incorrect.  

 

To give you more insights on how the VAT work in QuickBooks, you may visit these resources below:

 

 

Please know that I'm still here to help if you need anything else with VAT calculation or anything QuickBooks-related. Take care!

Terms & ConditionsAccessibility statement