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Level 1

Posting Missing Invoices From a Previous VAT Period

Hello,

 

Having just migrated to Quickbooks in meeting the making Tax Digital requirements, there are of course, elements of this new system that function differently to what I am used to.

 

I completed and submitted my first VAT return for March several weeks ago and I am now working towards the April return. I have just started using Receiptbank and have realised that in amongst my April supplier invoices are some invoices that are dated prior to 1st April. Essentially these are invoices that were missing when completing the March return. 

 

My previous system (TAS) allowed for two dates when posting an invoice, one that was the true date of the invoice and one for the accounting period. Quickbooks only seems to allow one date.

 

What is the best way to deal with invoices that fall in a previous period for which a VAT return has already been submitted? If I let the system post these invoices with their actual dates on, surely this will adjust a VAT return that has already been submitted and will not include these on the most current VAT return?

 

I have become aware that there is a process for closing down a period in Quickbooks although I did not do this for March. I tried this but the system would not let me until any minus stock figures are dealt with.

 

Does the period closing process address the above and prevent any issues?

 

Many thanks in advance.

Solved
Best answer May 28, 2019

Accepted Solutions
Moderator

Posting Missing Invoices From a Previous VAT Period

Hi Flyde,

 

Welcome to our Community.

 

Having looked at your query, you are correct in that QuickBooks Online does only allow one date to be entered on the transactions. What you would need to do is enter the transaction with the correct date, ie the date that falls within the previous filing period, and QBO will account for any VAT due on your current return as an exception.

 

The exception will notify HMRC that the transaction has been accounted for within the current period but refers to a previously filed period. It will not physically alter the already filed return.

 

With regards to the closing of the period within QBO, are you looking to close the books so no changes can be made to the period? The process you mention closes the entire books up until the date entered meaning no changes can be made at all. For more information on this function, have a look at our article - How to close the books.

 

If you are looking to close off the period as simply filed with HMRC and reconciled, then the above process would not necessarily work for you in this sense. Filing the VAT closes the VAT period and any changes made to transactions that fall within this period will show as Exceptions as above. Reconciling the period closes this off in a similar fashion. For more tips on Reconciling, you can visit our dedicated Community article -

How to reconcile accounts.

 

Let me know if you need anything further.

View solution in original post

3 REPLIES 3
Moderator

Posting Missing Invoices From a Previous VAT Period

Hi Flyde,

 

Welcome to our Community.

 

Having looked at your query, you are correct in that QuickBooks Online does only allow one date to be entered on the transactions. What you would need to do is enter the transaction with the correct date, ie the date that falls within the previous filing period, and QBO will account for any VAT due on your current return as an exception.

 

The exception will notify HMRC that the transaction has been accounted for within the current period but refers to a previously filed period. It will not physically alter the already filed return.

 

With regards to the closing of the period within QBO, are you looking to close the books so no changes can be made to the period? The process you mention closes the entire books up until the date entered meaning no changes can be made at all. For more information on this function, have a look at our article - How to close the books.

 

If you are looking to close off the period as simply filed with HMRC and reconciled, then the above process would not necessarily work for you in this sense. Filing the VAT closes the VAT period and any changes made to transactions that fall within this period will show as Exceptions as above. Reconciling the period closes this off in a similar fashion. For more tips on Reconciling, you can visit our dedicated Community article -

How to reconcile accounts.

 

Let me know if you need anything further.

View solution in original post

Level 1

Posting Missing Invoices From a Previous VAT Period

Hello and thank you for your help, yes that was exactly what I was missing, I was not aware of the procedure for closing the VAT period by marking the return as submitted but I have now completed this.

 

Am I correct in my understanding that any transactions which end up on the exceptions report must be manually entered by using the adjustment function on the VAT 100 report? It looks like these do not automatically get included in the VAT 100 report figures.

 

Thanks again.

QuickBooks Team

Posting Missing Invoices From a Previous VAT Period

Hello,

 

Any transactions included in the exceptions report will have been included in the overall figure for VAT due. You do not need to re-enter these - they don't show on the VAT 100 report.

 

Thanks,

 

Talia