VAT calculation on quickbooks are up to 3c out. This creates huge issues with payments, and statements. Suppliers invoices to not match our PO's, and our Invoices do not match with incoming payments.
Anyone have any ideas on how to fix this?
We would like to get some screenshots of this so we can look into this further. Do you have access to Twitter or Facebook for you to private message us these?
Here is an example;
VAT charged on CurrentRMS system is correct @ R801.98.
VAT charged on QB system is incorrect @ R802.01.
Client paid on quote, and c/card was processed. Now there shows a balance remaining due of .3c. Because of this, over 80% of our clients have these erroneous charges sitting on their files. Their audits and ours to not match. To sit and write-off these amounts (because QB online does not give the option to do this when capturing payments -desktop used to, it was so simple and easy) takes an inordinate amount of time, and now, starting our FYE to have to go back to April when the VAT rate changed and double check each and every invoice is going to be a nightmare. This needs to be sorted out! 15% is 15%. Not 15.033 or any other calculation. The accepted rule is if the calculation is, for example, 9.655, then the charge is 9.65, not 9.70?
This is why the client reports (such as they are-as they are also completely wrong) do not match with the VAT reports.
Please investigate this and find a solution. The other requests so many of us have requested and voted for seem to be ignored (there has been no feedback) but this is a critical issue.
We can create a home currency adjustment using the revalue option. This is to make sure your books stays accurate and compliant. Before doing the adjustment, please consult with your accountant.
Here are the steps:
Then, go back to the transaction and check if you have correct VAT amount.
You can also check this article for more details: What is a Home Currency Adjustment.
Please leave a comment if you have any additional questions. Thanks.
It may be best to contact the email support for ZA who can correctly trouble shoot this issue with you. You can contact them through the (?) logo on your Quickbooks account.
They will have all the tools and resources needed to assist you.