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delta978
Level 2

VAT control messing up balance sheet

Hi, can anyone help please!

really struggling to change the VAT control figure from £106.72 to £0.00 on my balance sheet.

I created the expense (£106.72) to hmrc taxes, while it did change the figure in my bank account it did not clear the VAT control figure, therefore I am left with £106.72 liability on the balance sheet, which should now be £0.00.

 

I followed this guide:

https://quickbooks.intuit.com/learn-support/en-uk/vat/how-to-record-already-paid-vat-in-quickbooks-o...


please help

Solved
Best answer March 10, 2021

Accepted Solutions
EmmaM
QuickBooks Team

VAT control messing up balance sheet

Hello Delta978, Have you looked at doing a journal entry to make this change if you want to impact the VAT control account, you can on line one enter vat control and on line the account if that is the bank account that would be the other side of the journal, it may be worth confirming with an accountant on this in regards to the journal entry to confirm they are happy with that entry.

View solution in original post

2 REPLIES 2
EmmaM
QuickBooks Team

VAT control messing up balance sheet

Hello Delta978, Have you looked at doing a journal entry to make this change if you want to impact the VAT control account, you can on line one enter vat control and on line the account if that is the bank account that would be the other side of the journal, it may be worth confirming with an accountant on this in regards to the journal entry to confirm they are happy with that entry.

View solution in original post

delta978
Level 2

VAT control messing up balance sheet

Thanks Emma, you have helped me once again, thank you!

 

All the best