Let's go through some troubleshooting steps to trace the breakdown of the automated adjustment caused by the transition to standard VAT in QuickBooks Online (QBO), ASinghal.
We can access the VAT Detail report and adjust the rate for the date range to cover the period before and after the transition to see any changes in liabilities. Then, look for line items indicating adjustments due to the transition. Here's how:
- Go to Reports (Take me there).
- In the search box, enter VAT Detail Report and then choose it.
- Select the report period and desired date range.
- Press Run report.
We can also view the transaction history by going to Sales on the left side menu and choosing All Sales tab. From there, apply filters to display transactions for that period including invoices marked as open. Then, check for any invoices or bills showing reduced VAT amounts or adjustments related to the transition.
Lastly, we can run the Audit Log feature to look for entries that indicate automated adjustments especially those labeled as adjustments due to VAT changes. Those entries may involve the amounts being modified and which transactions were affected.
If you need to create VAT adjustments, you can check out this article for the steps and details: Create or delete a VAT adjustment in QuickBooks Online. This way you don’t have to worry about making corrections when it’s time to file.
On top of that, it would be best if you consult your accountant for additional guidance in dealing with adjusting your VAT returns. They'll also ensure that your books are accurate and avoid messing up the data.
You can take a look at this article for the steps on what specific VAT boxes you want to adjust: Make VAT adjustments in QuickBooks Online.
The Community is available 24/7 to lend a helping hand. Message back if you need more assistance with managing your taxes or any QuickBooks-related concerns. Have a good one.
