Skip to main content
L
Liz Robson
August 4, 2023
Question

VAT

  • August 4, 2023
  • 1 reply
  • 0 views

I am switching from cash to accrual accounting for the VAT.  The balance of the VAT account at the quarter end differs from the figure that is on theVAT return for the quarter.  

Is there a report I can run which shows the transaction which have not yet been included in the VAT return?  Once a transaction has appeared on a return it must get marked as filed so that it doesn't get picked up on future returns.  As such, I am assuming that the opposite is true and there's a report which shows transactions which have not yet been included in a return.

Also, how do I validate the figures on the 'Open Transaction' column within the Prepare a VAT Return - the figures don't tally with the unpaid transactions I was expecting?  W"hich is making it difficult to trust the return values.

Any help is appreciated. 

1 reply

A
Ashleigh1
August 4, 2023

Hi Liz, thanks for posting on the Community, 

 

The open transactions is an automatic adjustment feature that reassesses the VAT due up to the open period based on the accounting scheme you use. The adjustment helps make sure that you don't pay or reclaim VAT on any transaction more than once. There's no single report to see a detailed breakdown of the open transactions figures, however, you can verify this by running the VAT detail report on the old and new methods, then deduct the old amount for each box from the new amount for each box. If you have a look at this help article it explains about open transactions and how to verify the figures. Change VAT schemes in QuickBooks Online.

 

 

Terms & ConditionsAccessibility statement