My first year flat rate 1% reduction on VAT ends on the 31st Jan and I need to schedule quickbooks to automatically start tracking the new rate from the 1st February. I believe this should be possible but cannot seem to find any instructions on how to set this up to take effect without manually adjusting it on the 31st January.
Can anyone point me in the direction of some instructions on how to do this correctly?
I'm terrified of getting anything VAT related wrong so need a very simple step by step guide with screenshots if possible!
Hi, Kyle. I'm here to help ensure a smooth transition in QuickBooks with accurate VAT tracking. Setting it up correctly from the start is essential and can save you time.
As of now, QuickBooks Online (QBO) does not offer an automatic feature to change the flat rate for VAT rate changes. Therefore, please know that we will need to manually update the Flat Rate Scheme (FRS) percentage on January 31st as it takes effect on February 1st in QuickBooks.
Here’s how you can update the VAT rate on January 31st in QuickBooks to ensure it takes effect from the 1st of February:
To modify your VAT settings:
For detailed step-by-step instructions and additional guidance on managing VAT settings and rates, check out these articles:
As a workaround, consider utilizing a digital calendar or email automation service outside QBO to send to your team to modify the FRS rate for the 31st of January.
Additionally, if you wish to generate a VAT liability report in QuickBooks Online, you can refer to the article: Check how much VAT you owe in Quickbooks Online.
If you need more help or any clarification regarding your VAT management, please feel free to reach out. I'm here to make sure you find the solutions you need.
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