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Aleem Shaik
January 6, 2020
Solved

VAT Excess Amount - How to record in Quickbooks Online

  • January 6, 2020
  • 1 reply
  • 0 views

Hello Team,

Good Day. 

 

I have a question, VAT has implemented in 2018 in Saudi Arabia but we have invoiced to a customer in Dec-2017.

On the other side we have received the VAT amount since the services has occured in 2018-2019.

 

When I record the transaction its showing excess amount which completely VAT on the previous invoice. Example below for your reference. 

 Invoice 2017        10,000
 Received amount in 2019        10,500
 Excess VAT Amount            (500)

 

How do you want me to record this transaction in the Quickbooks online.

Kindly help me.

 

Aleem

Best answer by payment after leaving

Hi Aleem

 

To clarify, you have created the invoice in 2017, for 10,000 and then received 10,500 from the customer in 2019?

1 reply

S
SarahannC
January 6, 2020

Hello there, Aleem Shaik.

 

The vat calculation depends on what accounting method you've set up. We can go to the Account and Settings to check if the method was correctly set. You can follow the steps below:
 

  1. Go to the Gear icon.
  2. Select Account and Settings under Your Company.
  3. Select Advanced from the  left side.
  4. In the Accounting section, click Edit (pencil icon).
  5. Click the drop-down arrow and choose the correct method.
  6. Hit Save. Then, Done.

 

Visit us again if you have additional questions. 

A
Aleem ShaikAuthor
January 7, 2020

Dear Sara,

 

Thanks for your response, but this won't work for me. Its cash basis accounting. I have received the excess VAT amount, where I can adjust the invoice but I don't want to. Is there any entry which will adjust this amount in the system and shows in VAT payables.

 

Kindly provide your feedback.

P
payment after leavingAnswer
January 7, 2020

Hi Aleem

 

To clarify, you have created the invoice in 2017, for 10,000 and then received 10,500 from the customer in 2019?

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