What are "Open transactions" in a VAT return please?

Hi there, Keith.

Thank you for reaching out to the QuickBooks Community. I'd be happy to help explain what Open transactions are in a VAT return within QuickBooks Online and why they may not appear in the VAT detail report.

Open transactions in a VAT return refer to transactions that have not yet been fully processed or included in any filed VAT returns. Essentially, these are invoices, bills, expenses, or other types of transactions that may be awaiting payment or approval and, therefore, have not been accounted for in the finalized VAT calculations.

Here are a few reasons why Open transactions may not show up in your VAT detail report:

Period Covered: The VAT detail report you are reviewing might be set to a different reporting period than your VAT return. Make sure the dates match. To match the date, go to the Taxes page and click Edit VAT settings.

Status of the Transactions:

• Uncategorized: Transactions that are not categorized will not appear in your VAT reports.
• Draft/In Progress: Transactions that are in draft status or not fully saved will not be included in the VAT return until they are finalized.

Transaction Dates: Transactions dated outside the VAT filing period would not show up in the current VAT detail report but can appear as open because they will be accounted for in future returns.

Additionally, you can also learn how QuickBooks Online calculates VAT on each sale.

Please don't hesitate to leave a reply if you have further concerns. I'm here to assist you.