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M
MAE Landscapes
November 10, 2020
Question

VAT - Error

  • November 10, 2020
  • 1 reply
  • 0 views

Back Story, I should have been VAT registered from Dec 2018, so I managed to work through it and set up QB in May this year. So we edited the numbers and this inputted the amount of VAT owed for period Dec 18 - May 20.

 

I emailed some customers that are VAT registered to see if they would back pay the VAT so that I could try and reclaim some of the money, they agreed and I sent them an invoice, these was dated March 2020 but paid in July and August. Over 2 of my VAT periods and the system has counted these into the total balance for these periods when in fact this is VAT from Dec 18 - May 20 which I had already included. So I have paid this twice. 

 

 

Is there a way to edit this in the current period to reduce the amount owed? I know there are options to make manual adjustments before submitting just checking that this is OK and also if there is a method to do this on QB to keep the accounts in order. 

 

1 reply

R
RCV
November 10, 2020

Thanks for checking in with us and providing us in-depth details of your VAT concern, MAE Landscapes. 

 

In QuickBooks Online (QBO). you can adjust your current VAT account to correct errors on past returns if they're:

  • below the reporting threshold
  • not deliberate
  • for an accounting period that ended less than 4 years ago

Also, we can adjust your VAT return before you submit it to HMRC. However, any manual adjustments you make to your return will impact your VAT control and or VAT suspense account. In this case, it would be best to consult your accountant or tax advisor about this one.

 

If you would like to make an adjustment, just follow the steps and details in the Adjust your VAT liability article. Just in case you need further assistance, please reach out to our Customer Support Team. They'll pull up your account in a secure environment and help you with this one. Here's how:

  1. Go to the Help icon on the top right. 
  2. Enter your concern in the search field.
  3. Choose Talk to a human.
  4. Click the OK. To get you to the right human, in a few words, tell me what you need help with option and tap I still need a human. 
  5. Press Contact us.
  6. Tick Continue. 
  7. Choose Message an agent or Get a callback.

 

Feel free to visit our Taxes page for more insight about managing your VAT in your account.

 

I'll be right here to continue helping if you have any other concerns or questions about QuickBooks. Assistance is just a post away. Have a great day.

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