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Moderator

QuickBooks: Smart Tips

Smart Tips Image@2x.png

 

 

Reading blocks of text or watching videos isn't ideal when you need a quick tip. So, we're happy to introduce Smart Tips to the QB Community!

 

 

Smart Tip 1:

 

Not sure if you have successfully signed up to MTD with HMRC?

 

HMRC will send you a confirmation email within 72 business hours of signing up to Making Tax Digital. If you pay VAT by direct debit, you cannot sign up in the 7 working day window leading up to the payment deadline or the 5 working days after sending a VAT return.

 

 

 

Smart Tip 2:

 

I am getting ready for MTD in QuickBooks. Is there a quick check I can do? 

 

Log in to QuickBooks and mark your previous returns as filed if you have already submitted them to HMRC. Remember to check the dates of your previous returns and make sure they match the dates that you previously reported to HMRC.



Smart Tip 3:

 

Issues connecting to HMRC for MTD? Here are a few things to know:

 

  • HMRC will send you a confirmation email within 72 business hours of signing up to Making Tax Digital. You'll need to receive this email before you can authorise QuickBooks to connect to HMRC.
  • Make sure you have entered your VAT registration number by going into VAT centre, then Rates and Settings page. This is a numerical-only field, letters or special characters are not accepted.
  • To authorise the connection between QuickBooks and HMRC, make sure you're using your latest HMRC credentials. If your credentials are automatically populated and you're getting an error, try manually re-entering your HMRC details.

Smart Tip 4:

 

What should I do in QuickBooks before I enable MTD successfully? 

 

Before you opt in to MTD make sure you have submitted all previous returns to HMRC. You only need to submit the most current mandatory return through QuickBooks. This will prevent any issues post opting into MTD.










Smart Tip 5:

 

How do I check the status of my client’s authorisation?

 

If you have added a client to your agent services account and are not sure what the status of your client’s authorisation is you can always check on them by logging into your agent services account with HMRC. 

 

Smart Tip 6:

 

I have a VAT return ready to be submitted via MTD. What do I do? 

 

If you have opted into MTD and you have an MTD eligible VAT return Don’t forget to enable MTD in QuickBooks before you submit their return. Your return will be rejected by HMRC if you do not enable the MTD workflow in QuickBooks.

 

Smart Tip 7:

 

I need to use VAT codes for EU goods and Services? 

 

Trading in and across the EU and need to record VAT for goods and services? You can always enable additional VAT codes from the Tax centre or click the gear icon to see more VAT rates.

 

Smart Tip 8:

 

How do I check for duplicates on my VAT return? 

 

Not sure if you have duplicates on your VAT return try the new Smartscan in QuickBooks. To use this feature, go to your most current return and from the drop down select “Smartscan you return”

 

Smart Tip 9:

 

New to QuickBooks and want to use bank feeds for VAT? 

 

If you choose to use bank feeds in QuickBooks remember to set up your VAT before you start adding any transactions to QuickBooks. This ensures you can select the right VAT code on your income and expenses.




Smart Tip 10: 

 

How do I submit my VAT return to HMRC from an excel or CSV? 

Try the bridging solution in Quickbooks. It is live and ready for use. All you need to do is grant QuickBooks authorisation to interact with HMRC and you are ready to go. You do not need to import your data. 

3 REPLIES 3
Community Explorer **

Re: QuickBooks: Smart Tips

Smart tips looks good. I would like to see other topics.
Moderator

Re: QuickBooks: Smart Tips

Welcome to the Community @grow your company.

 

We're just getting started with Smart Tips so there will be plenty more on the way.

 

What topics would you like to see?  

Community Contributor *

Re: QuickBooks: Smart Tips

It would be good to have quick tips on the new reverse VAT charge that is going to be mandatory for CIS scheme from 1st October.