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Frequent Contributor *

QB VAT calculation wrong

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?

14 REPLIES 14
QuickBooks Team

Re: QB VAT calculation wrong

Hello Samntha2018,

 

Thank you for your question!

 

What VAT code are you using?

 

Thank you,

 

Talia

Frequent Contributor *

Re: QB VAT calculation wrong

Hi, our rate is 15%, we have S and SA under that rate

QuickBooks Team

Re: QB VAT calculation wrong

Hello Samantha2018,

 

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?

 

Thanks,

Talia

Frequent Contributor *

Re: QB VAT calculation wrong

I have access to Facebook, but am happy to put the screenshots here

Frequent Contributor *

Re: QB VAT calculation wrong

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.

 

 

QuickBooks Team

Re: QB VAT calculation wrong

Hi Samantha2018,

 

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:

  1. Click the Gear icon located in the upper right-hand corner.
  2. Under Lists, click All Lists.
  3. Click Currencies, and look for the currency you wish to make an adjustment.
  4. Click the arrow next to Edit Currency Exchange, and select Revalue Currency.
  5. Select the Revalue Date.
  6. Choose whether you'd like the revaluation to be based on the market exchange rate or a custom rate.
  7. Select the account(s) you want to apply the revaluation to.
  8. Click Revalue and Save.

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.

Frequent Contributor *

Re: QB VAT calculation wrong

Thanks but we only utilise one currency.

The QB calculation should be according to the legislated rate, not "currency type"

 

QuickBooks Team

Re: QB VAT calculation wrong

Hello Samantha,

 

Could you quickly confirm which region of QuickBooks you are using?

 

Thanks,

 

Talia

Frequent Contributor *

Re: QB VAT calculation wrong

Hi

We are in South Africa, so ZAR is our currency and 15% is our VAT charge.

QuickBooks Team

Re: QB VAT calculation wrong

Hello,

 

Are any of the transactions showing the issue dated before April last year?

 

Thanks,

 

Talia

Frequent Contributor *

Re: QB VAT calculation wrong

We have not looked in to transactions before the rate change

QuickBooks Team

Re: QB VAT calculation wrong

Hello,

 

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.

 

Thank you.

Frequent Contributor *

Re: QB VAT calculation wrong

I already tried.

QuickBooks Team

Re: QB VAT calculation wrong

Hello Samantha,

 

Please use the following number to contact our ZA team directly: +27 80 099 0331

 

Thanks,

 

Talia