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Community Contributor *

VAT - deferring an input item on open VAT return

Hi- I am new to QB online. The sole client using QB online has ignored my advice and paid an expense without an invoice let alone a valid VAT invoice. In preparing VAT q/e 30.6.2018 how can I "defer" this item so that input vat and supply value is omitted from the VAT Report and then is later claimed in the VAT period when the invoice is received?  I use my agent portal on HMRC for filing the VAT return but obviously I want QB to reconcile with my VAT 100 that is being filed outside of QB.  

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Best answer 08-02-2018

Accepted Solutions
Anonymous
Not applicable

Re: VAT - deferring an input item on open VAT return

Hi Steven579,

 

Thank you for contacting the Community.

 

Yes if you mark the return as filed and then change the transaction include VAT this will then show as an exception on the current return.

 

Please let me know if there is anything else I can help with. :)

3 REPLIES 3
Anonymous
Not applicable

Re: VAT - deferring an input item on open VAT return

Hey Steven579,

 

Welcome to Community.

 

Could I ask if you are using QuickBooks Online to mark the period as filed? You mention filing through HMRC portal using your agent credentials so needed to check if you are marking the period as filed within QBO.

 

If you are, you can mark the period as filed with the expense showing no VAT elements and then update the transaction to exclusive/inclusive of VAT and apply the appropriate VAT code. As long as the transaction date is part of the previously filed period, the VAT element will show as an exception on the current period to be accounted for on the next return.

 

Let me know if you have any further queries.

Community Contributor *

Re: VAT - deferring an input item on open VAT return

Hi GillH

Thanks , but just to be clear.Currently I am showing it out of scope so once I file via HMRC, I show on QB as filed, then I change the item to VAT inclusive (without waiting till next time) (will be standard rated), it will then "remind me" on an exceptions report for next time round. Have I understood correctly?

Steve

Anonymous
Not applicable

Re: VAT - deferring an input item on open VAT return

Hi Steven579,

 

Thank you for contacting the Community.

 

Yes if you mark the return as filed and then change the transaction include VAT this will then show as an exception on the current return.

 

Please let me know if there is anything else I can help with. :)