posted

Cash Reporting in VAT

I'm trying to get to understand why my imported VAT differs from the QBD version.

Why is QBO adding unpaid invoice and unpaid purchases to the VAT report? I have VAT set to standard and accounting set to Cash?

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Cash Reporting in VAT

Good day to you, Mark.

I'll provide some insights on how VAT is recorded when imported from QuickBooks Desktop (QBDT) to QuickBooks Online (QBO).

There are differences between QBDT and QBO when importing your Vat. One of these is how you'll track VAT.

When you've filed your VAT in QBDT, a general journal was created with amounts against A/P: in the case of a tax amount owing, and A/R in the case of a refund. Paying the bill or receiving the payment closed the journal.

While in QBO, instead of using A/P or A/R, it creates a new suspense account that retains amounts owed/owing to tax agencies.

QBO tracks VAT differently. Thus, your unpaid invoices and purchases are showing in the VAT report, when in QBDT it isn't. You can refer to this link for more details: VAT when importing from QuickBooks Desktop.

I'd recommend working with your accountant for guidance in reviewing and making changes to your account. This way, we can guarantee the accuracy of accounts after modifying it.

I'm also adding this article for your reference in managing your VAT codes in QBO: QuickBooks VAT codes.

I'm all ears if you have any follow-up questions about VAT in QBO. Keep me posted by leaving a reply below. Keep safe!

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Cash Reporting in VAT

Good day to you, Mark.

I'll provide some insights on how VAT is recorded when imported from QuickBooks Desktop (QBDT) to QuickBooks Online (QBO).

There are differences between QBDT and QBO when importing your Vat. One of these is how you'll track VAT.

When you've filed your VAT in QBDT, a general journal was created with amounts against A/P: in the case of a tax amount owing, and A/R in the case of a refund. Paying the bill or receiving the payment closed the journal.

While in QBO, instead of using A/P or A/R, it creates a new suspense account that retains amounts owed/owing to tax agencies.

QBO tracks VAT differently. Thus, your unpaid invoices and purchases are showing in the VAT report, when in QBDT it isn't. You can refer to this link for more details: VAT when importing from QuickBooks Desktop.

I'd recommend working with your accountant for guidance in reviewing and making changes to your account. This way, we can guarantee the accuracy of accounts after modifying it.

I'm also adding this article for your reference in managing your VAT codes in QBO: QuickBooks VAT codes.

I'm all ears if you have any follow-up questions about VAT in QBO. Keep me posted by leaving a reply below. Keep safe!

Cash Reporting in VAT

Thank you for the reply. I'll speak with her on Monday see what she recommends how these should be handled.

Although the links don't really explain what happens when I come to pay VAT when it's clearly not treating them as cash transactions.

Cash Reporting in VAT

Further to my issue it appears my accountant is now struggling with duplication of ALL transactions in the detailed VAT report. This is the same for both my businesses I’ve imported from QBD into QBO

There also seems to be an issue with the accountancy method. It’s set to accrual in company settings but insists on showing all the reports as cash. But, when we flick the report over to accrual the duplication disappears.

We have wasted so much time so far with this issue and we still don’t have a resolution from tech support, why? Because the operative said Intuit aren’t insured to sort VAT issues out. She is going to try again this morning.

this again is another unacceptable issue with QBO. So much time and effort as been spent on what is supposed to be a QBD replacement. Intuit needs to get their act together asap or you’ll be losing a customer of nearly 20 years

Cash Reporting in VAT

Hi Mark, thank you for your longstanding support of QuickBooks - I'm sorry to see you've not got off to the start that we'd expect after transferring from Desktop to Online. The reports should run by default based on the chosen accounting method selected in the account settings. So that we can check the issues raised fully, please begin a live chat with our team - they'll have the tools to set up a screen-share to view this further.

Cash Reporting in VAT

After so many issues it appears that tech has fixed the problem as it was an issue with your end. As I said, I kept getting pushed about with this issue and it took my accountant to sort it out.

btw I am NEVER using your online chat system ever again, it's like pulling teeth trying to get a repose out of the operative. When I used it for this issue the other week she said my VAT was a mess and to call the Desktop team! Bit late for then when I'd swapped the data to the Online. It's just not acceptable.

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