Hello,
As you may have seen Xero have created a function to apply a PVA VAT adjustment:
https://central.xero.com/s/article/Adjust-the-amounts-on-a-VAT-return#ApplyaPVAadjustment
PVA is quite a complex topic. Without getting into the full details, essentially the VAT paid on any import does not equate to exactly 20%, and each import will be a slightly different percentage (based on; exchange rate differences, assumed transportation cost and associated VAT, and customs own "VAT Adjustments" (whatever they are)). e.g. we might record £25 VAT on a 110EUR (£90) bill.
Therefore, we need to make these VAT adjustments as our VAT return MUST agree with the PVA statement (so I'm told).
Do Quickbooks plan to create similar functionality as Xero to allow easy posting of PVA VAT adjustments?
Thanks!
Solved! Go to Solution.
Hello Klous1, thanks for coming back to us here. There is a code you need to create in the system, this article will help you here with that, however just to let you know there will be no adjustment button made in the system for it though.
It's nice to have you here in the Community, @klous1.
I can see how having this additional option and functionality would be helpful for you and your business. The updates and changes that we implement are largely the results of the suggestions provided by users, just like yourself.
That said, I'd encourage you to send feedback or product suggestions from QBO where they will be sent directly to our engineers. Here's how:
You can track feature requests through the QuickBooks Online Feature Requests website.
On the other hand, to give you more details about the different VAT codes that are available in the system together with their posting on your return, please scan through these links:
Please feel free to post again or leave a comment should you need anything else. I'll be happy to help. Take care always, @klous1.
Hello,
Thanks for the reply. We are using QB Desktop as per the tag. The links you have provided are all for QB Online.
We have the VAT codes set up no problem, thanks (we used your page https://quickbooks.intuit.com/learn-support/en-uk/accounting/how-to-create-pvat-20-and-0-codes-in-qu... ).
We just need to be able to enter the correct PVA VAT for each transaction/quarter without a messy workaround.
I can send some feedback through the software. However, I couldn't find the suggestions tracker for QB Desktop, can you send me a link please?
Hello Klous1, thanks for coming back to us here. There is a code you need to create in the system, this article will help you here with that, however just to let you know there will be no adjustment button made in the system for it though.
You have clicked a link to a site outside of the QuickBooks or ProFile Communities. By clicking "Continue", you will leave the community and be taken to that site instead.