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Level 1

I processed my VAT return & adjusted the figures to include those from my previous accounting software. Now my bank account won't balance. Why can't I make adjustments?

 
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Best answer 08-13-2019

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QuickBooks Team

Re: I processed my VAT return & adjusted the figures to include those from my previous accoun...

Thanks for the screenshot Vivienne.

 

I can see the account which has been used for the adjustment looks to be a bank account which will explain why the account won't balance now. You will need to delete and recreate the adjustments to the correct accounts with the correct dates(Adjustment Date), baring in mind this will create a 0 exception in your VAT. what ever the adjustment is you will need to make sure you create the relevant income or expense adjustment account but this can't be a bank account.

 

 

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3 REPLIES 3
QuickBooks Team

Re: I processed my VAT return & adjusted the figures to include those from my previous accoun...

Hello and welcome to Community Vivienne,

 

We can certainly look into the VAT adjustment which you have made. Could I please see a screenshot of the adjustment? This way we can try and see why this has impacted the bank reconciliation.

 

 

Level 1

Re: I processed my VAT return & adjusted the figures to include those from my previous accoun...

Hi Edward,

The 2 adjustments were done last week when I submitted the VAT return so the screenshot below shows one of them.
These entries will not allow edits.  
I’m assuming now that I should have applied the adjustments to a specific account but the software has defaulted to the bank account which I didn’t realise at the time.
Highlighted
QuickBooks Team

Re: I processed my VAT return & adjusted the figures to include those from my previous accoun...

Thanks for the screenshot Vivienne.

 

I can see the account which has been used for the adjustment looks to be a bank account which will explain why the account won't balance now. You will need to delete and recreate the adjustments to the correct accounts with the correct dates(Adjustment Date), baring in mind this will create a 0 exception in your VAT. what ever the adjustment is you will need to make sure you create the relevant income or expense adjustment account but this can't be a bank account.

 

 

View solution in original post