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B
Ben W
February 1, 2022
Question

VAT Control

  • February 1, 2022
  • 1 reply
  • 0 views

Hi there, I am going to use example figures here just as a reference to explain my problem. This is my first VAT return in quickbooks 

 

On my current open VAT return it says VAT due £5000

 

when I go to chart of accounts and have a look it says VAT control it says £6249.43


Any ideas?

1 reply

B
Ben WAuthor
February 1, 2022

Also sorry just to note im on the Flat rate scheme at 11.5 %

S
ShiellaGraceA
Level 9
February 1, 2022

Welcome to Community, @Ben W.

 

I'll share some information about VAT returns. You'll want to run the VAT Detail Report to verify the transactions. This way, you'll be able to check if there's a need to adjust the VAT amount or not.

 

Here's how:

  1. Go to Reports.
  2. In the Find report by name field, enter VAT Detail Report.
  3. Make sure to change the Report period to All Dates.
  4. Click Run report.

 

 

 

 

If you're able to find the difference, you'll want to create an adjustment. Refer to this article for the detailed steps: Create or delete a VAT adjustment.

 

I'm adding this link if you need help managing taxes. It contains tax topics with articles: Taxes.

 

Please don't hesitate to reach out if you still have questions or concerns with VAT. I'll be around to help. Take care and have a wonderful day ahead.

 

 

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