VAT error checker

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: VAT error checker. 

VAT error checker is now here and live in QuickBooks Online.

What is VAT error checker?

VAT error checker 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 VAT error checker for all VAT Schemes?

VAT error checker 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 VAT error checker.

Does VAT error checker/Intuit Guarantee that my VAT return is 100% accurate?

VAT error checker 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 VAT error checker tell me which VAT code to use?

No. VAT error checker 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 VAT error checker does this mean I no longer need an accountant?

No, VAT error checker 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 VAT error checker?

Yes. VAT error checker 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 VAT error checker to check your transactions.

Will VAT error checker 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 VAT error checker. 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 VAT error checker show me this Tax rate when I use it?

Yes. If you create a custom Tax rate it will show up on the VAT error checker check.

I have VAT MOSS created as a custom tax agency in QuickBooks. Can I use VAT error checker for this?

No. VAT error checker 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 VAT error checker?

Yes, if your home currency has been set to a currency other than GBP you will still be able to use VAT error checker as long as you have added a VAT code to your transactions.

Will VAT error checker show me the conversion for foreign currencies?

No VAT error checker 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 VAT error checker. How do I send it to you?

The best way to get your feedback across to us is from within the product. On the VAT error checker page there is a “Feedback” hyper link. Please do use this to leave feedback, suggestions or improvements.

The data on VAT error checker 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 the VAT error checker. What do you like about it? How is it adding value to you?