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textilearraylimi
December 15, 2020
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VAT Suspense/VAT Control?

  • December 15, 2020
  • 1 reply
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Whole 3 weeks … and my brain is totally exhausted…I’ve tried everything, including speaking on the phone with someone – no resolution!!!! Q1. A Journal entry (debit/credit) about a VAT PAID to HMRC for a previous period is appearing in my latest VAT return that is to be prepared and submitted. I need this payment to leave that latest report and I can’t remove it. When I EDIT the journal entry, it tells me I can only change the date, that’s it. Nothing else. It messes me up as in the actual return (the one that I need to submit) that payment is in the ‘DECREASE’ column. ANYONE? ANY HELP? In the Journal entry – VAT Control – Debits - £XXX; VAT Suspense – Credits - £XXX. Is that even correct?, which takes me to the next question: Q2. Three of the VAT returns were submitted outside QB. In what CATEGORY should I record the payments and reclaimed payments so they WON’T appear when the next VAT report is to be prepared?
Best answer by GlinetteC

I can help you get this sorted out, textilearraylimi.

 

In QuickBooks Online, we don't advise to create a JE affecting the VAT control and VAT suspense as it will mess up the VAT return. What you can do is to mark the VAT return correctly with the right amounts and Record VAT Payment if it's paid.

 

Mark your VAT:

  1. Go to Taxes, then select VAT.
  2. Select Prepare return to view your open return.
  3. Confirm the dates and figures are correct. When you are ready to submit your VAT return to HMRC, select File online with HMRC.
  4. Select Submit a VAT Return/Set up a VAT Direct Debit Instruction, then select Submit a return. Copy the amounts from your QuickBooks Online return to the HMRC webpage.
  5. Once done, go back to QuickBooks Online and select Mark as Filed.

Recording a JE to any VAT accounts will only affect the current VAT return and it has nothing to do with the previous periods. Also, I would suggest consulting with your accountant to ensure your books are accurate.

 

Check out these VAT-related articles for additional guide and reference:

That's it! Let me know if you have any additional questions concerning VAT. I'll be right here to keep helping.

1 reply

G
GlinetteCAnswer
December 16, 2020

I can help you get this sorted out, textilearraylimi.

 

In QuickBooks Online, we don't advise to create a JE affecting the VAT control and VAT suspense as it will mess up the VAT return. What you can do is to mark the VAT return correctly with the right amounts and Record VAT Payment if it's paid.

 

Mark your VAT:

  1. Go to Taxes, then select VAT.
  2. Select Prepare return to view your open return.
  3. Confirm the dates and figures are correct. When you are ready to submit your VAT return to HMRC, select File online with HMRC.
  4. Select Submit a VAT Return/Set up a VAT Direct Debit Instruction, then select Submit a return. Copy the amounts from your QuickBooks Online return to the HMRC webpage.
  5. Once done, go back to QuickBooks Online and select Mark as Filed.

Recording a JE to any VAT accounts will only affect the current VAT return and it has nothing to do with the previous periods. Also, I would suggest consulting with your accountant to ensure your books are accurate.

 

Check out these VAT-related articles for additional guide and reference:

That's it! Let me know if you have any additional questions concerning VAT. I'll be right here to keep helping.

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