Hi - I’m hoping for some help with two VAT-related questions.
I’ve imported and reconciled figures for the 17/18 tax year - this is historical data, all the HMRC, VAT, etc. filings for that year were done outside of QBO - but I need to get QBO matching the existing accounts as much as possible.
We registered for VAT in that financial year, so I need to reproduce our first VAT return - my understanding is that I can set that up and use ‘Mark As Filed’.
I have to adjust the figures that QBO is calculating to take in the amounts we back-claimed from before the 17/18 financial year - QBO obviously has no way of knowing what these were.
Looks like I need to adjust Boxes 1, 4, 6, 7, 8 and 9 to get QBO matching what was filed with HMRC.
My first question is - in the ‘Adjust’ tab - what Adjustment Account should I be using for these adjustments? QBO help says:
“If you are making the adjustment because you received a credit and you owe less VAT to the government, choose an income account that you create for this purpose.” - we did get a refund.
Secondly - what VAT rate should I be using for these adjustments? I assume its 0% because were not adjusting VAT rates - but I’ve never heard of the ECPSZR 0% rate!
Any help on this would be appreciated - thanks in advance.
/ J
