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arkvalleyinfo
February 7, 2019
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What to do about a VAT Adjustment creating incorrect balances in Balance Sheet?

  • February 7, 2019
  • 1 reply
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VAT Adjustment Error -
Earlier in the year I corrected the expense accounts on a handful of transactions, but the VAT had already been filed for this period, so (despite no change in the VAT rate), these transactions then appeared on the Exception Report on the next VAT return. In the Exception Report I made a VAT Adjustment to get the balance back to the correct amount and filed VAT.  

I thought that had solved the problem, but now my end of year numbers aren't making sense on the Balance Sheet and the Total Current Liabilities doesn't add up as the VAT Adjustment is now included as a negative amount in Tax Account (Sales Tax).

Does anyone know what I can do to fix this? What would happen if I now delete that Journal Entry?

Best answer by Graceman

The vat exception report was showing the changes QB made due to the entries made there was no need to do anything it was already done.

You need to reverse those corrections or contact customer service to reverse the filed vat for the periods including those filed with the error, then refile to QB and reconnect the payments.

The issue of not being able to reverse Vat filed is a big issue with Online.

1 reply

Graceman
GracemanAnswer
February 7, 2019

The vat exception report was showing the changes QB made due to the entries made there was no need to do anything it was already done.

You need to reverse those corrections or contact customer service to reverse the filed vat for the periods including those filed with the error, then refile to QB and reconnect the payments.

The issue of not being able to reverse Vat filed is a big issue with Online.

A
arkvalleyinfoAuthor
February 7, 2019
So what would happen if I simply delete the VAT adjustment? It's still listed in Tax Account (Sales Tax) Transaction Report.
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