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andyjacobs
Mar 1, 2022 10:02 AM UTC
Solved

VAT Journals to VAT Account and VAT 100 account

Am I able to journal a posting to the VAT control account which will also appear on the VAT 100 report in QB Online as I did for Quickbooks desktop version 2019 please?

Ashleigh1Answer
Sep 28, 2022 4:53 PM UTC

Hello Bernice Cole, thanks for posting on this thread, we would advise that you speak to your accountant on the best way to do this in your QuickBooks account since this could affect your vat return and we are just technical support not trained accountants.

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11 replies

GeorgiaC
Mar 1, 2022 10:43 AM UTC

Hi andyjacobs, we do not advise posting directly to the VAT control account, this is used internally to track VAT on open transactions. Instead, a VAT code should be selected on the journal line against the relevant account. If you're unsure how to enter this, we'd recommend reaching out to your bookkeeper/accountant for support.

andyjacobsAuthor
Mar 1, 2022 12:20 PM UTC

Hi Georgia, many thanks - I can now see how to post a journal for normal purchase/sale using net amounts and tax code (I succeeded with the T codes).  However, I need to write off purchase VAT each quarter as our business is partially exempt. An example journal I would post is

dr irrecoverable VAT £5000 (to P&L)

         cr VAT control              £5000 (Balance sheet and VAT 100, box 4)

I cannot see how I am able to do this.  I am ACCA qualified.

This is not a normal VAT posting on a purchase or a sale and has to be calculated each quarter as a write off against the input tax a business would normally claim.  This is because much of our turnover is VAT Exempt.

Who should I ask about resolving this please?

Many thanks,  Andrew

 

 

 

 

Ashleigh1
Mar 1, 2022 1:33 PM UTC

Hi Andy, we're unable to give accounting advice so you would need to contact an accountant or if there is a member of the communtiy can offer to help with this we open it up for suggestions. 

Bernice Cole
Sep 28, 2022 12:55 PM UTC

Did this ever get resolved? I'm having a similar issue wanting to post a VAT journal (on the advice of our accountant) to record reverse charge VAT and need to adjust box 1 only of our VAT return. 

Ashleigh1Answer
Sep 28, 2022 4:53 PM UTC

Hello Bernice Cole, thanks for posting on this thread, we would advise that you speak to your accountant on the best way to do this in your QuickBooks account since this could affect your vat return and we are just technical support not trained accountants.

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