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Get your Payroll questions answered by a QuickBooks Product Manager here -

Product Manager Answers Your QuickBooks VAT Questions

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Jonathan Valentine - Product Manager Tax and Accounting (UK)



Welcome to the first 'Ask Me Anything' style interview where we sit down with a Product Manager from QuickBooks and ask them your questions.


We asked earlier this month with a poll what you'd like to hear about and VAT came out on top. So, we've brought in Jonathan Valentine who is a Product Manager at QuickBooks specialising in Tax & Accounting (UK).

Without further ado, find some of your QB VAT-related questions answered below 

1. Can you show us how to reconcile the VAT control account for CASH VAT accounting?
Thanks for your question about this. I've compiled a step-by-step below that will help you with Cash VAT Accounting:
▶️  Log into QuickBooks
▶️  Go to reconcile
▶️  Select the account you want to reconcile (Select VAT control or VAT suspense)
▶️  Add the following information as required (Ending Balance & Ending date)
▶️  Start reconciling by reviewing and selecting Charges/Payments included in the period to be reconciled
▶️  Once you are happy with the cleared balance and or any difference you can select finish now & complete the reconciliation.
*Note: Any changes or edits to this will be reflected as an adjustment and additionally reflected on the reconciliation reports. I hope this helps!



2. What is happening with VAT in QBO presently with regards to showing the incorrect period if you aren't the one signed up for MTD?
Thank you for contacting and posting a good question. With MTD & VAT within Quickbooks, we must be authorised to interact with HMRC. This authorisation is specific to every customer that has completed the authorisation steps. This will automatically refresh if the authorised user logs in.



3. Why does the VAT summary screen break down the list of returns into groups by Open, Submitted, Filed & Paid? Could it simply be ‘filed and unfiled?

Thanks for highlighting this as it is a tweak that could help our users. We'll take this on as feedback and look into it. If this change does is due to happen with the VAT summary screen, then we will notify you right away.



4.  Are we able to submit the FRS Vat return through the spreadsheet in quickbooks?
Thanks for reaching out with your question. Unfortunately, the spreadsheet solution does not support Flat Rate VAT at this point in time.



5. Will qbo automatically bring in the new codes or is there a facility to import them?
Great question and I know this will be top-of-mind for most people. If your question is specifically around the CIS reverse charge, then yes we will automatically enable it on 01 March.

6. Can We have the ability to match a VAT payment from the bank feed to the last filed VAT return? The current system requires a manual payment to be set up to match off the VAT return with multiple fields to complete and only then can we match that off to the bank feed.

Thank you for this good suggestion. This is something I can take away and look at. If your suggestion does end up on our roadmap, then we will make sure to reach out to you and let you know.



7. Can you please talk us through the VAT codes for the new CIS scheme starting 1/3/21?
Hi there, this is a question similar to the above (question 5), so we will be automatically enabling the VAT codes that are fit for the new CIS scheme starting on the 1st of March.



8. The date of the journal posted when filing a VAT return (Dr VAT Control & Cr VAT Suspense) should be the VAT period-end date and not the date on which the return was filed.

If posted correctly, the VAT Control account balance at p/e date should always be zero once the return is filed and any time the balance shifts off zero at that date is an indicator of later processing of earlier dated transactions and that balance should then match the "exceptions" amount on the VAT return. This enables a simple check feature. By posting the VAT journal at the filing date instead of the period-end date, this cross-checks reconciliation facility is lost.


What advantage is gained by dating it on the filing date?
Hi and thank you for your question. This is why we want to do these Ask Me Anything style interviews as we can learn so much from our customers with certain pain points. This is another piece of feedback that I can take to my team and review. Again, we'll be sure to let you know if there is any progress with a feature that can help with this in the future. 



Well, that wraps it up for our first Ask Me Anything session with Jonathan. Keep your eye on our Community Home Page for future interviews with Product Managers at QuickBooks.


Is there a topic you'd like to see in the next session? Let us know in the comments below 👇