reconciling vat

Hi Karenwelch2.

Thanks for getting in touch with the Community, hopefully I can help.

This is a bit of tricky one, in terms of reconciling a VAT account this isn't really something you would do as the VAT control account would be a collection all transactions with VAT associated and totals.

The reconcile you would normally do would be of the bank account/s that you use to record your transactions. This would just be to make sure that your QuickBooks and bank account matches. Generally we would recommend doing this at regular intervals throughout the year to make sure everything balances, this would also make it easier to find any discrepancies should they arise.

Once the actual bank accounts have been reconciled, this will confirm that there are no duplicate, missing or additional transactions that could potentially be affecting your VAT return totals. If there are missing or additional transactions then there may be missing or additional VAT values included in your returns.

Your accountant would be able to help by doing a mass reconcile if this has not already been done which would alert to any discrepancies. If any do arise they would be able to journal this out to a discrepancy account. Use this link as a guide to reconciling your accounts but if there is anything else I can help with, let me know.

Hi Karen,

Alongside Ash's answer I would also recommend taking a look at the VAT Detail report and checking this.

Kind Regards,

Emily

Thanks Ash & Emily :)

Excuse my stupidity but I dont use QB to submit my VAT return i do it manually on HMRC gov gateway..

My accountant has asked me where i have posted the bank quartely payments for vat and i havent made an entry..

i guess this completely throws my supposed bank reconciliation ?

am i meant to do it like this :

for example qtr 2 vat to pay over is £2k 

do i post a journal entry crediting bank and debiting vat control account ??

surely the vat control account is where all the debits and credits of vat collected and due go?

i am so confused !!

help please ;)

i am already 3  months behind with these accounts and have about 400 quid fines so far 

cheers

karen

Thanks Ash 

Excuse my stupidity but I dont use QB to submit my VAT return i do it manually on HMRC gov gateway..

My accountant has asked me where i have posted the bank quartely payments for vat and i havent made an entry..

i guess this completely throws my supposed bank reconciliation ?

am i meant to do it like this :

for example qtr 2 vat to pay over is £2k 

do i post a journal entry crediting bank and debiting vat control account ??

surely the vat control account is where all the debits and credits of vat collected and due go?

i am so confused !!

help please ;)

i am already 3  months behind with these accounts and have about 400 quid fines so far 

cheers

karen