I'll help you resolve your VAT return, tony-morris.
QuickBooks allows you to adjust your VAT return before submitting it. However, any manual adjustment will impact your VAT control and or VAT suspense account. With this, I'd suggest consulting your accountant before performing the correction.
Before proceeding, here are some conditions that should be met:
- The net value of the errors is £10,000 or less (reporting threshold).
- The error amount is up to 1% of your box 6 figure (up to a maximum of £50,000).
If you don't meet the above scenarios, I'd suggest reporting the error. For more information, please check out this link: Correct Errors.
Once you're ready, here's how to make adjustments:
- Go to Taxes from the left menu.
- Select Submit VAT for the period you are submitting for on the VAT page.
- Click Adjust in the VAT line that you want to change.
- Select an Adjustment Date and VAT rate.
- Choose an account from the Adjustment Account drop-down list.
- Enter the adjustment amount in the Amount section.
- To describe the adjustment, enter a memo.
- Click Save.
To proceed with the other steps, please see the To adjust VAT box 6, 7, 8, and 9 sections through this article: Adjust Your VAT Liability.
Once done, QuickBooks automatically adds a journal entry to show the adjustment. When you file your next return, this will include the transaction.
I'd also encourage running and customizing the VAT Detail report. This ensures your return is correct.
Keep us updated if you need assistance in submitting your returns. This way, we'll be able to provide the help you need.
