If you were lucky enough to attend our QuickBooks Connect event in February, then you may be already aware of the amazing feature coming to QuickBooks: SmartScan™.
SmartScan™ is now here and live in QuickBooks Online.
What is SmartScan™?
SmartScan™ is a feature in QuickBooks that helps you to stay on top of your VAT return and helps prevent some common mistakes that could affect your VAT return. It helps new business and existing ones prepare VAT returns with higher confidence.
Can I use SmartScan™ for all VAT Schemes?
SmartScan™ helps verify transaction data. As long as you have entered a transaction in QuickBooks that has VAT on it you will be able to use SmartScan™.
Does SmartScan™/Intuit Guarantee that my VAT return is 100% accurate?
SmartScan™ is designed to help simplify the process of checking transactions with VAT. You will need to ensure that you are using the correct VAT codes that apply to your business.
Will SmartScan™ tell me which VAT code to use?
No. SmartScan™ will not be able to do this. If you think this functionality will be a big help for you and for other businesses, please do share your feedback and thoughts from the feedback option available in the product.
I am a business owner using QuickBooks. If I use SmartScan™ does this mean I no longer need an accountant?
No, Smart Scan is designed to help you ease VAT checks however there may be times when you need to consult an accountant to understand the impact and benefits of the VAT codes or the VAT scheme you use.
I am on Flat Rate VAT. Can I use SmartScan™?
Yes. SmartScan™ is designed to help simplify the process of checking transactions with VAT. As long as you have added a VAT code to your transaction you will be able to use SmartScan™ to check your transactions.
Will SmartScan™ show me my gain or loss while I am on Flat Rate VAT?
No. You will not be able to view your gain or loss from SmartScan™. To do this you can view the gain or loss account in your chart of accounts.
I have a custom Tax Rate (Example 2.5%) will SmartScan™ show me this Tax rate when I use it?
Yes. If you create a custom Tax rate it will show up on the SmartScan™ check.
I have VAT MOSS created as a custom tax agency in QuickBooks. Can I use SmartScan™ for this?
No. SmartScan™ can only be used on the default VAT agency in QuickBooks. It cannot be used on any custom Tax Agencies.
My Home Currency is not GBP. Can I use SmartScan™?
Yes, if your home currency has been set to a currency other than GBP you will still be able to use SmartScan™ as long as you have added a VAT code to your transactions.
Will SmartScan™ show me the conversion for foreign currencies?
No SmartScan™ will not show you the conversion for any currencies that you have used to add or income or expenses in QuickBooks.
I have some feedback about SmartScan™. How do I send it to you?
The best way to get your feedback across to us is from within the product. On the SmartScan™ page there is a “Feedback” hyper link. Please do use this to leave feedback, suggestions or improvements.
The data on SmartScan™ does not match my VAT detail report. What do I do?
This may happen if the dates on your VAT detail report are different. Please check the dates and or manually adjust them to match the dates of your VAT return. If the issue still persists, please contact the UK support team.
Please feel free to post a comment below of your experience of SmartScan™ What do you like about it? How is it adding value to you?