Pre registration VAT, new QB account so no past data

ABC Licensed Accountant · ‎July 29, 2020

Hi, My client has recently signed up to Quickbooks as he has become vat registered. I need to put in a pre-registration claim but other answers have involved creating the vat return to pick up past data, as it is a new QB account there is no past data. Is it possible to do a journal or adjustment to increase the amount of VAT claimed back? If not, how do I deal with this, the amounts have been filed with HMRC in last years accounts, vat registration falls in line with the first day of a new financial year. Please help deadline looming!

emmam6 · ‎February 24, 2023

Hello Community users, We just wanted to pop into this post to add some clarity on the best steps to take to account for VAT before using Quickbooks which has not been already filed with HMRC.

In the case where it is the first return in Quickbooks and you wish to backdate VAT transactions the best thing to do is to do an VAT adjustment in Quickbooks in the relevant box in the return to account for this. You would need to create a VAT adjustment account to use for this in the chart of accounts and then go to the return and adjust the box. We'd recommend consulting with an accountant before doing this. More information on how to do a VAT adjustment can be found here

Any questions we're happy to answer them.

View solution in original post

Ryan_M · ‎July 29, 2020

Hi @ABC Licensed Accountant,

I'll help you out on how you can enter historical VAT returns in QuickBooks Online (QBO).

You'll need to either import or manually record all historical transactions related to the VAT return in question.

To import transactions, follow these steps:

Go to the Gear icon.
Select Import data.
Choose the appropriate category for the transaction you want to import.

Given that your client hasn't filed any returns in QBO yet, we can change the effective date of the VAT setup.

Here's how:

Click the Taxes tab.
Go to the Edit VAT drop-down menu.
Select Edit settings.
Change the Effective date to when this historical VAT return was filed.
Hit Save.

Right after, see this article: Record a VAT payment or refund. It contains the steps on how you can record a payment or a refund from a VAT return.

In case you need to make corrections to your VAT liability, take a look at this article: Adjust your VAT liability. It contains steps on how you can adjust boxes 1, 2, and 4. As well as a different set of steps to adjust boxes 6, 7, 8, and 9.

Got other questions? Share them in the comments below, and I'll get back to you.

emmam6 · ‎February 24, 2023

Hello Community users, We just wanted to pop into this post to add some clarity on the best steps to take to account for VAT before using Quickbooks which has not been already filed with HMRC.

In the case where it is the first return in Quickbooks and you wish to backdate VAT transactions the best thing to do is to do an VAT adjustment in Quickbooks in the relevant box in the return to account for this. You would need to create a VAT adjustment account to use for this in the chart of accounts and then go to the return and adjust the box. We'd recommend consulting with an accountant before doing this. More information on how to do a VAT adjustment can be found here

Any questions we're happy to answer them.

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Pre registration VAT, new QB account so no past data