Let me guide you on what to do with your VAT transactions so you can import them in QuickBooks, JDirect.
With Automated VAT and to keep your records accurate, you can adjust the VAT you owe for the month of April to a specific period you want it to be adjusted. To do this, follow the steps below:
To set up an account for adjustment:
- Select the Gear icon at the top, then choose Chart of accounts.
- Select New at the top right.
- From the Account Type dropdown, select Income or Expenses.
- If you need to decrease your VAT due, set up an income account.
- If you need to increase your VAT due, set up an expense account.
- Select the account’s Detail Type.
- Use Sales of Product Income for an income account.
- Use Taxes Paid for an expense account.
- Name your adjustment account (for example, "VAT due increase").
- Select Save and Close.
Then, add an adjustment. Here's how:
- Select Taxes from the left menu, then select VAT.
- Find the tax period you need to adjust, then select Prepare return.
- Select Adjust against the entry to be adjusted.
- Select the Adjustment date and the Tax rate.
- Select the Adjustment account for adjusting VAT.
- Choose an expense account if you need to increase the tax due.
- Choose an income account if you need to decrease the tax due.
- Enter the Adjustment amount.
- Enter notes in Memo, then select Save.
From there, you can now import your transactions to QuickBooks Online (QBO).
Please know that you set vat rates for your transactions. I've added these articles for your guide:
Additionally, to learn more details about VAT, check out this article for more information: What Is The Difference Between VAT Control and VAT Suspense?
Feel free to let me know if you have any concerns about VAT. As always, I'll be a few clicks away if you need help.