Yes, what you noticed is correct QuickBooks makes the changes with the contra invoices. When you set up the transaction for a 20% purchase code it will automatically change to 20% sales.
However, you can manually edit the transaction in case you need to use the purchase code. Before doing so, I'd suggest contacting your accountant. Every business is unique and they can make suggestions on how to handle this. If you're not affiliated with one, our Intuit Find-A-ProAdvisor site can help you to find certified professionals in your area.
Anyone else noticed a change in qb programme when entering CONTRA invoices from bank feed since Jan/Feb 2021? When I enter a 20% purchases code it saves to 20% sales.
Thank you. Since I started using Quickbooks over 2 years ago, when I set up my accounts, with the help of my accountant, I enter everything direct from the bank feed including CONTRAS. Up until January 2021 Quickbooks worked well and efficiently and did not automatically revert the VAT codes to Sales which worked efficiently for us.
It only came to light when I was checking our 3 monthly VAT return for period ending March 2021. I entered everything, as I always have done and discovered from February 2021 all the Contra transactions had reverted. The January ones were okay, which indicates there must have been a change to Quickbooks programme then.
Why did Quickbooks change this facility early 2021? Can you reinstate it please?