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Pottyponder
March 17, 2020
Question

We work on the VAT Margin Scheme and we have external software that calculates the figures. How can we create a general Journal with a line for the VAT Liability?

  • March 17, 2020
  • 1 reply
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1 reply

A
Ashleigh1
March 17, 2020

Hello Pottyponder, 

 

Welcome to the Community page, 

 

The external software will have created a journal which you would be able to copy into your Quickbooks account, We are not trained accountants, therefore, can not advise how to do this, you would need to speak to an accountant about how to record this in a journal in Quickbooks. 

 

If there is any accountant that knows how to do this, please feel free to comment on this post.  

P
PottyponderAuthor
March 18, 2020

That's what i'm trying to do, I have the journal entry from the software that has one line for NET sales and another line for VAT.  Unfortunately it won't let me post directly to the VAT Liability Account.  

Does anyone know a work around?

 

Many Thanks 

Paul.

M
MikeTombs
September 14, 2020

Just stumbled across this while looking for an app that handles the margin scheme. Can you process your journal as a dummy sales invoice?

@Pottyponder wrote:

That's what i'm trying to do, I have the journal entry from the software that has one line for NET sales and another line for VAT.  Unfortunately it won't let me post directly to the VAT Liability Account.  

Does anyone know a work around?

 

Many Thanks 

Paul.

 

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