VAT and FRS calculation error? FRS % = 9.5% Invoice for £1,000 plus VAT of £200 = £1,200. FRS VAT should be £1,200 X 9.5% = £114 but quickbooks calculation is £104.11

Hi Lee

Have you selected FRS within the VAT settings and entered 9.5% as the FRS rate?

When you view the invoice is it showing a £1000 amount with exclusive of VAT have you selected the 20%S VAT code therefore the total of the invoice should be £1200 with £200 showing in the VAT box?

Sorry, I didn't get notification of your response.

FRS has been selected and the rate of 9.5% has been entered.

The VAT code selected is VATFRS 9.5%

Invoices aren't entered to the system.  The VAT is coming straight from the bank receipts not that this seems to be relevant.

An example invoices shows £1,200 (inclusive of tax option selected) but the VAT is automatically calculated at £104.11 which is wrong.

Hi Lee

Are you adding the transactions from the for review page within the banking section?

It appears that you may have created a VAT code for 9.5% you have to enter/select the 20%S VAT code against your invoices as the system will do the relevant calculation and therefore will show the correct value in Box1 within the taxes section.