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L
Lee Clackett
September 19, 2019
Question

VAT and FRS calculation error?FRS % = 9.5%Invoice for £1,000 plus VAT of £200 = £1,200.FRS VAT should be £1,200 X 9.5% = £114 but quickbooks calculation is £104.11

  • September 19, 2019
  • 1 reply
  • 0 views
The VAT sales figure on the VAT return should also be £1,200 but isn't.  

Has this been flagged as a problem?  What is the solution for now please?

1 reply

P
payment after leaving
September 19, 2019

Hi Lee

 

Have you selected FRS within the VAT settings and entered 9.5% as the FRS rate?

When you view the invoice is it showing a £1000 amount with exclusive of VAT have you selected the 20%S VAT code therefore the total of the invoice should be £1200 with £200 showing in the VAT box?

 

 

L
Lee ClackettAuthor
September 23, 2019

Sorry, I didn't get notification of your response.

FRS has been selected and the rate of 9.5% has been entered.

The VAT code selected is VATFRS 9.5%

Invoices aren't entered to the system.  The VAT is coming straight from the bank receipts not that this seems to be relevant.

An example invoices shows £1,200 (inclusive of tax option selected) but the VAT is automatically calculated at £104.11 which is wrong.

 

P
payment after leaving
September 23, 2019


Hi Lee

 

Are you adding the transactions from the for review page within the banking section?

It appears that you may have created a VAT code for 9.5% you have to enter/select the 20%S VAT code against your invoices as the system will do the relevant calculation and therefore will show the correct value in Box1 within the taxes section.

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