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A
ao12
February 2, 2023
Question

VAT Exception multi currency Issue

  • February 2, 2023
  • 2 replies
  • 0 views

Just about to file Q4 VAT return, and note that Quickbooks has created an exception, for a payment incorrectly VAT coded in Q3 (EP). (no vat applicable but reported as purchase in Box 7). The payment reported in Q3 was for £58k, the payment was made in Hungarian Florins. However the exception in Q4, showing in box 7, is in Florins 27,900,000, not good. Can this be changed?

2 replies

A
ao12Author
February 2, 2023

Just noted that the VAT detail reports shows the transaction and totals in local currency?, but the actual VAT report is in GBP. It means the totals on the VAT details report are meaningless. 

P
payment after leaving
February 2, 2023

Hi ao12 If you have allocated a transaction with an EP (Exempt) VAT code to a transaction, filed the period and you have then have amended/deleted the VAT code from the transaction it will, as you've discovered cause an exception in Box 7. Does the original transaction, the Bill/Expense, have multiple lines and VAT codes allocated to each one and only one of the lines has had the VAT code amended?

A
ao12Author
February 2, 2023

Thanks, I understand the reason for the creation of exception, but having investigated more it appears that the VAT Detail reports has a Currency presentation anomaly. I have re-adjusted the multi-currency payment and I can now seen an exception in & out so total purchase figure for the period is correct. The VAT report is showing the correct total purchases, box 7 (i.e. all transactions in GBP). However the Detail Vat report total for box 7 is incorrect as it is showing one transaction in Florins and one in GBP. i.e one for £58k and the opposite FL27,900,000. Thanks again

G
GeorgiaC
February 2, 2023

Thanks ao12, so that we can take a closer look at the reported discrepancy on the VAT detail report, please begin a live chat with a member of our support team. 👩‍💻

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