Hi - I've completed a VAT return and submitted it. It came up as a refund which then sparked the Revenue to come and look. Really nice chap etc. but, of course, he found a couple of discrepancies and adjusted the return at their end.
I now need to make those adjustments in my file copy of QB. I've done this which generates a VAT 100 showing the difference so added with the original return the figures are correct.
But I can't make QB "file" the return - it says that there's a previous return for these dates.
So what I want to know is how to account for these adjustments and make QB balance up to the refund that i actually received.
Thanks in advance.
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Hi. I have a similar problem but I am using Quickbooks online.
The lovely VAT man came to see us as we filed a return for a rather large refund. He then found out what the problem was (long story) but we ended up owing them.
They have obviously made the adjustment on their side but I need to now adjust on QB.
I had seen on another thread (which I can't for the life of me find!) which seemed to answer part of my query but as this is closer to what happened I thought I would jump in here.
In that case, we are unable to unfile it - which would allow you to correct it on the actual period. Your only option is to adjust your current open period reflecting any changes that should have been made on previous periods - i.e. to reflect how much extra/less you should have paid/reclaimed. Please let us know if you have any further questions on this.
Hey Accounts SA,
Thanks for contacting us with regards your VAT in QuickBooks. Are you using QuckBooks online ZA, or QuickBooks desktop to file your VAT returns?
Thanks for clarifying that,
From what I can see, block 18 of the VAT 201 report should represent input tax on all acquisitions of goods and services where VAT rate of 14% is applicable.
When you go to the 'Prepare return' screen from the 'Taxes' menu on the left hand side of QuickBooks online, you should be able to drill into the figure represented in block 18. Within there, it will show you a detail report with the individual transactions represented in the box total. Is that the case?
Hi Accounts SA,
I am aware of a couple of things which have been known to cause this in the past.
1) If any historical transactions in previously filed VAT periods have been edited, deleted, or indeed transactions have been added to these closed periods after filing, then balances will be brought forward in the relevant blocks; In this case block 18. A way you can check if this is the case, is to drill into your current figures for block 18 to itemise the transactions, open the ones which have historical dates. This should show an audit log providing information on when the transactions were edited and by how much.
2) Has your accounting method for VAT changed from a cash basis to accrual recently? If that is the case, then any previously open bill's which were not showing in Box 18, would post in the most recent VAT return.
So with regards these transactions, if the VAT amount has changed or not been entered in on previous filings, but has now, this VAT will be due to pay or reclaim in the current return which you are filing. QuickBooks online is working as designed, in the sense that any historically entered VAT which is added into already closed/filed filing periods will be reflected in the current filing so as to be captured ther.
If you have any questions or concerns about the actual correct recording of these transactions as per ZA Vat regulations, it may be a good idea to speak to the SARS and explain the situation to them.