Hi, we are only a small LTD company, and are not VAT registered. VAT Control on chart of accounts has around -£300 in it, should this be £0 ? I have already turned off VAT and read nother questions about VAT control but nobody can seem to say how o make VAT control £0 or not applicable Any help appreciated
Hi usertom If there are amounts in the VAT control account this will be due to transactions having VAT codes applied to them. We recommend that you run a VAT liability report for all dates to locate the transactions.
Hi usertom If you're not VAT registered we recommend that you change all the transactions to No VAT. You are not able to deactivate VAT however you can set the default tax rate to No VAT. Select the cog/gear icon > account and settings > advanced > accounting > default tax rate selection > No VAT > save.
We never advise to manually unreconcile transactions, we always advise to contact an accountant that uses QuickBooks and have them unreconcile the relevant periods.