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Experienced Member

Hi, How can I record expenses (with VAT) that incurred in a closed period? I don't want to end up with a VAT discrepancy.

If I just enter the expense (write cheques) with the correct date I know I will end up with a discrepancy, which I don't want to have to deal with.

1 REPLY 1
QuickBooks Team

Re: Hi, How can I record expenses (with VAT) that incurred in a closed period? I don't want to en...

Hello SuisseAlphine,

 

Welcome to the Community - thank you for your question!

 

There is no way to avoid the system creating a VAT exception when posting transactions that incurred in a closed period. This is because they should have been included in that VAT return, and so they need to be accounted for in the current period - this exception will reduce your liability for your current open return as you were due to claim the amount for these additional transactions.

 

Please let us know if you have any further questions.

 

Thank you,

 

Talia