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NeilR1
Level 1

FRS VAT Return still picking up invoices AND deposits

Client is on FRS and a couple of quarters ago switched to cash accounting (is using QB Online).

 

However the return is including both deposits received and invoices issued in the quarter (none of which relate to the pre cash accounting period) thus resulting in duplications.

 

Please advise.

 

 

7 REPLIES 7
IamjuViel
QuickBooks Team

FRS VAT Return still picking up invoices AND deposits

I appreciate the screenshots you've shared to us, @NeilR1.

 

Your client may have recorded transactions that were included when they file their FRS VAT return that were deleted. This will automatically generate an exception against the current open VAT return to correct this for you.

 

Here's how to view your exceptions:

  1. Go to the Taxes menu.
  2. Choose Prepare return.
  3. Select the View the additional column for exceptions.

You can click into the exception amount against the corresponding box to view the exception report which will show the filed amount, current amount, and total difference impacting your VAT return. If these deposits and invoices are already reported, you can create an adjustment. I'd recommend consulting with an accountant so you'd be assisted in preparing your VAT returns.

 

 

 

I've added these articles to help you manage your VAT returns:

The Community and I are always here to help if you have other questions about managing your transactions and taxes in QuickBooks. Feel free to leave your comments below!

NeilR1
Level 1

FRS VAT Return still picking up invoices AND deposits

Thanks for your reply.

 

There are indeed some transactions showing up on the exception report, though in each case both the filed and current amounts are zero.

 

In any case, I would be happy to amend the return figures but it seems I don't have that option - as the accountant shouldn't I be able to amend a client's returns in such a scenario? Are there some additional permissions he needs to grant me?

 

Thanks.

GeorgiaC
QuickBooks Team

FRS VAT Return still picking up invoices AND deposits

Hello NeilR1, 

 

Thanks for getting back to us here. Zero-exceptions aren't a cause of concern and can be the result of changing a detail on the transaction which does not impact the filed VAT. 

 

You can ammend figures on the return by going to Taxes > Prepare Return > Select adjust against the box you wish to ammend. 

 

Please get back to us below if you have any further questions on this,

 

Thanks

 

 

NeilR1
Level 1

FRS VAT Return still picking up invoices AND deposits

Thank you, but I do not have the 'Prepare Return' option. Going to 'Taxes' just brings up the table of returns with options to 'View return', 'View summary', etc with no adjust or amend option.

GeorgiaC
QuickBooks Team

FRS VAT Return still picking up invoices AND deposits

Hi Neil, thanks for checking that - can I confirm if you have MTD enabled on this client?

NeilR1
Level 1

FRS VAT Return still picking up invoices AND deposits

Sorry for the long delay replying.

 

Yes, they have MTD enabled.

 

He is now trying to prepare his return for q/e 30/6/20. Again, QB is picking up both payments received (correctly) and invoices issued in the quarter. The exceptions report for the quarter is blank.

 

And I still have the problem that I, as accountant, cannot amend/adjust returns.

GeorgiaC
QuickBooks Team

FRS VAT Return still picking up invoices AND deposits

Hi Neil, 

 

Thanks for getting back to us again. 

 

When you click into the deposit to open this does it show that this is linked to the invoice? 

 

When you mark an invoice as paid this should show on Box 6 as an invoice rather than a deposit. 

 

If the payments are linked to the invoice, please try switching the setting back to Standard > Save and then back to Cash and enter the 'Effective date for new scheme' as a prehistoric date e.g. 01/01/1999.

 

Thanks

 

 

 

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