Skip to main content
Plee 11
Feb 8, 2019 1:34 PM UTC
Question

VAT adjustment - Unpaid creditor & Previous return

Hello, 

 

I'm new to QBO and I've submitted my first VAT return and had to make two manual adjustments. I have not filed this in QBO yet as I'm not sure how to account for the adjustments. The adjustments were: 
1. Unpaid creditor for the period (as we are preparing VAT on cash accounting basis)

2. Difference between previous period's VAT filed and VAT refund received.  

 

My question is do I mark these adjustments in the "Submit Return" adjust box? Or should I enter a manual journal?

The payment has been made (but not recorded yet) as it obviously won't match the current VAT due balance currently showing. 

Thanks in advance. 

 

    2 replies

    Amanda G
    Feb 8, 2019 2:24 PM UTC

    Hello,

     

    Thank you for your post.

     

    When making VAT adjustments you are better doing them from within the return as this affects the return with the balances. A Journal would not affect the return.

     

    Hope this helps.

     

    Plee 11Author
    Feb 8, 2019 3:22 PM UTC

     

    Thank you for your reply Amanda. 

    Terms & ConditionsAccessibility statement