Hello,
Can someone help me with the ‘Total Net Value of Sales’ and 'Total Net Value of Purchases’ in the VAT 100 report?
I’m in the process of migrating from ‘QuickBooks Enterprise’ to ‘QuickBooks desktop Premier’. I’m able to transfer the customers, suppliers, and the chart of account opening balances as of X date to the new system.
Speaking about the VAT 100, The total VAT liability for sales and purchases was posted via the journal entry, and that amount matches as per my old system.
The question I had is:
- In the VAT 100 report, Although Box 1, 3, 4, and 5 show the correct VAT to be paid to HMRC. How do I display Box 6 and Box 7? –
Please note: - when transferring the customers and suppliers balances as of X date. They get transferred as opening balances. So an opening balance will not be having a VAT line.
I would like to know how to display Box 6 and Box 7 so that it gives a clear picture of what am paying to HMRC – For instance, if my total sales are £1, 000.00 then the VAT due on sales will show - £200.00 (20% of £1,000.00). At present, my VAT 100 report displays the £200.00 (Processed via journal entry) but not the total sales of £1,000.00 and am figuring how to display that amount. The same with the purchases.
Any help will be appreciated.
Kind Regards,
Shaun Gonsalves
