If you're preparing your VAT return, the last thing you want is to make a mistake that could cost you money. The QuickBooks Online VAT error checker can help you avoid those mistakes. It automatically scans your VAT figures for common errors and other anomalies, so you can catch any mistakes before you submit your return to HMRC.
The VAT error checker is automatically switched on in your default tax agency when you set up VAT in QuickBooks Online. You can access this feature directly from the VAT centre. Here's how.
- Go to Taxes, and select VAT (Take me there).
- Choose the VAT return you want to error check.
- Under the Actions column, select the arrow icon to show more options.
- Select Error check your return to open the VAT error checker.
From here, you can keep tabs on all the transactions for the VAT period. Here's a breakdown of each section.
Make sure everything is accounted for - Check that all your transactions are included in the VAT period you are filing for.
Review any unexpected items - Transactions with no VAT assigned to them won't be reported on your return. Check that all your transactions for this period have VAT added. You can review or edit these transactions by selecting Review now.
Bank transactions you might have missed - Make sure you Add or Match all your downloaded transactions from your connected back accounts.
Review any unexpected items - You can get duplicate transactions when you connect a bank account and import bank feeds, or when re-connecting a bank account. It may also happen if you've created multiple transactions for the same customer. For example, you create an invoice and a sales receipt for the same transaction.
Take a closer look for peace of mind - To ensure that you have used the correct VAT codes required, review the largest income and expense transactions that impact your VAT return. Select Review now to make changes if you need to.
Once you're happy with everything, select Prepare now to prepare your VAT return and submit to HMRC.