I am on the flat rate scheme. I have configured the settings in the VAT tab accordingly on Quickbooks Online. I charge the standard 20% (SS-20.0) rate on my invoices.
The VAT return tab does not display the correct figure. VAT Detail Report lists the net amount correctly and calculates the standard VAT rate. However, VAT 100 Report takes this total sum (net amount + VAT) and uses it as the net figure thus rendering the incorrect number (net amount + 20% VAT + FRS%) for final sum.
Am I missing some kind of switch here? I am unable to sleep due to this.
The VAT calculation in QuickBooks depends on the selected preference. The report will reflect the amount according to the filter set, such as the date and accounting method. Make sure to choose the appropriate defaults.
VAT 101 Report does not appear to have the vertical ellipsis available. VAT 100 only seems to have a date range and some atheistic changes. I activated the report via the tax tab for the specific dates that produce the incorrect sum downloading the “Audit Report” from directly from the drop down.
I have already set up the tax, I do not believe I have missed anything as I am unable to find any other options. There is no problem in the standard VAT calculation and I have set the FRS percentage.
I have emailed support. Would you recommend I escalate this issue this way?