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Another query for first time VAT return in QBO please.
I have some adjustments from previous periods I need to adjust my first VAT return for.
How can I do this please and keep everything in synch.
Many thanks again
Hi there, Mr Tangerine. I'll provide insights to help you adjust your previous VAT returns in QuickBooks Online (QBO).
In QBO, you can adjust your current VAT account to correct some errors on past returns if they're below the reporting threshold, not deliberate, and less than 4 years old.
Here are the following things you need to keep in mind when adjusting your past VAT returns:
Once ready, follow the steps below to successfully adjust your VAT return:
Furthermore, you can take a look at this article for the steps on what specific VAT boxes you want to adjust: Make VAT adjustments in QuickBooks Online.
On top of that, it would be best if you'd consult your accountant for additional guidance in dealing with adjusting your VAT returns. They'll also ensure that your books are accurate and avoid messing up the data.
You may also check out this article in case you need to manage your VAT adjustments in QBO: Create or delete a VAT adjustment in QuickBooks Online.
The Community is available 24/7 to lend a helping hand. Message back if you need more assistance with taxes or QuickBooks. Have a good one!
Thanks for the reply but I'm not sure the solution fits for me, given the following circumstances.
The scenario is :
I started using QBO from start of the financial year April 23.
A bill for payment was recorded correctly in QBO for April split Basic + VAT as should be. So the VAT element was debited to VAT control correctly.
A VAT return was completed OUTSIDE QBO for the Qtr Feb March & April accidentally omitting this invoice in error from the return.
I am now completing the May to July return in QBO and of course although accounted for correctly, QBO doesn't pick up the transaction for VAT return and it's still sitting in VAT Control.
I need somehow to add it into the return, without any other entry to P&L account (?!) and thus when the repayment of the input tax is received the Control/Suspense accounts remain in balance.
Hope this makes sense!!??
Hope help is at hand too
Thank you
Dave
Thanks for getting back to us, Mr Tangerine Man. Allow me to point you in the right direction so you can make VAT adjustments from previous periods in QuickBooks Online (QBO).
If you've already submitted a VAT return via Making Tax Digital (MTD), you're unable to change or undo this. You'll have to take into account any changes from the previous period to the current one.
If you need to make adjustments, help is always available from the support team. This way, they can securely pull up your account and make modifications on your behalf. Here's how to reach out to them:
Additionally, filing your VAT return is a breeze if you run a VAT Detail report in QBO. This way, you'll see a list of included transactions in each box on the VAT return.
Keep me updated in this thread whenever you have further concerns about making VAT adjustments in QBO. I'll be always around to continue assisting you. Stay safe!
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