Chris_H
QuickBooks Team

VAT

Hi CarolB,

No need to apologise for asking questions on the community, that's what we're here for! :)

I understand it does sound like a daunting task starting with a brand new file, but don't worry! We will assist you with everything we possibly can to help get you up and running, and moving forward.

Firstly, you are indeed correct. If you were to export your list items from your current desktop file, and then import them into the new desktop file you will be able to delete the list items as you please as there will be no transactions attached. You can also do this for other list items/names such as 'Customers'/ Suppliers.

A Quick way to do this would be the following.

1. In your current desktop company file click 'File,' 'Utilities' 'Export' then 'Lists to IIF files'

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2. In the next pane, select what you would like to export E.G, Customers, suppliers, and items.

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3. Then on the next pane, give your IIF file a name, and save it somewhere locally on your computer like the desktop.

4. Once you have saved this file, open up your new QuickBooks desktop company file, and click 'File' 'utilities' 'Import' 'IIF files'

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5. Choose the IIF file you have saved, and QuickBooks will import your data. As you say, this will make your clean up of items and names far more efficient, as you will be able to delete at will without having to merge.

Entering opening VAT balances

 

Firstly you are correct, the outstanding VAT liability account balance in your file will be from any potential VAT owed/ reclaimable vat against any open customer or supplier balances.

There is no easy automatic way to do this in QuickBooks Desktop when moving file, but I would advise the below method to be the most thorough.


1. Run supplier and customer balance summary reports in your old QuickBooks file to check the open balances of each.

2. For your customers, create invoices against the relevant ones who have anything outstanding which contains VAT. if you apply the relevant VAT code to these transactions, and you are on a cash basis of VAT, mark them as paid when the customer pays the outstanding balance and they will then populate your return.

3. For your Suppliers, create Bills against the ones who have anything outstanding which contains VAT. if you apply the relevant VAT code to these transactions, and you are on a cash basis of VAT, mark them as paid when you pay the supplier the outstanding balance and they will then populate your return. 

I hope the above helps. Again though, if you have any further questions please don't hesitate to post back.

Thanks!

 

Chris.

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