I'm fairly new to Quickbooks, and have set everything up as per their instructions. We are in the VAT Flat Rate Scheme and our current period is 1st Feb to 30th April. The flat rate scheme is based on paying a percentage on the amount of sales INCLUSIVE of VAT. However, it looks like Quickbooks are working out my VAT liability on my sales Exclusive of VAT. This would result in me underpaying VAT. Has anyone else come across this?
Thanks for posting your question on Community Sandra, I have linked an article from our Community here where my colleague has explained how FRS VAT works in QuickBooks Online. Please let us know whether this helps or if you have any further questions with regards to the FRS.
The VAT should still be calculating correctly when using the FRS in QuickBooks Online I think it might be best to give our team a call so that we can take a look at the figures which are being calculated on the QuickBooks account. Our contact number for support can be found on this link here. Alternatively you can also include some screenshots and we can see if we can advise from here.
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