Probably a noob question which I can't see answered elsewhere.
I have started to use QB, with an established business - I'm entering data from 01/01/19 to get the hang of it all (we are a very small VAT registered business)
I've imported all the bank statements, and it all makes (sort of) sense. Our VAT returns are quarterly - Jan-March etc...
My problem is that in Jan 2019 we received a cheque for the Q3 2018 VAT return and in Feb 2019 we paid a VAT bill for Q4 2108.
I have no idea how to enter these two (presumably into VAT suspense account), so that it all balances out - as QB has no record of our VAT accounts prior to me first starting to use it (Q1 2019) - and so the 'Taxes' menu doesn't help me at all
As you can tell - I'm not an accountant.... basic assistance would be welcome!
You can create custom chart of accounts to allocate these prior transactions for VAT. For example, to record the VAT bill for Q4 2108, you can enter this as an expense and allocate it to an expense chart of account. To create the chart of account, go to Accounting > New and select 'expenses' as the account type and 'taxes paid' as the detail type.
For the cheque for the Q3 2018 VAT return, you can record this on a bank deposit and create an income account for this, such as 'VAT refund'.
Hello, what Account detail would the VAT refund income account be? I have a few VAT refunds outstanding from before we used QB for VAT returns. My guess is Income>Unapplied Cash Payment Income. Would that be correct or is there a better way to classify?
Also, how would I amend VAT refunds received since we use Quickbooks, which have been booked into that Income account? I have the option to Record Refund from the Taxes tab but can you clarify how it is all linked? Our bank account is linked to QB.
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