I use QuickBooks desktop enterprise version and need some help in identifying a VAT transaction which shows as an opening balance.
When I run the VAT control report for a month, it outlines the total VAT transaction that’s owed to HMRC based on the type (invoice/ Credit/ Bill/ Sales receipt/ journal entry). My question though it gives me the details based on transaction activity, is there a way to find the details of a opening balance. The opening balance is the balance carried forward from the previous month.
The issue what I have is, this opening balance does not show me the breakdown details of what transactions the VAT comprises off and am having to dig my previous records which is too time consuming. This opening balance was created, because a member of my team did an edit to an historic transaction dated last year without making a note of the customer.
Say for instance when I filed my VAT in the month of May the closing balance showed as ‘£0.00, but when I ran my June VAT it shows opening balance of ‘-£380.70’ followed by June transactions. How do I find out what that £380.70 comprises of and for which clients?