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Kennels9
Level 2

VAT exception report - HELP

Please can anyone help. Whilst reconciling the accounts, I thought I hadn't registered the VAT refund I was given but I had, therefore it messed up the VAT return for the next quarter. I added the refund and realised it was already added therefore deleted it and because it was all reconciled it has messed it up. It is now saying because of this I owe £8,000 in VAT which I don't. How do I sort this out???? HELP please. Need to sort.

THANKS 

9 REPLIES 9
MaryAnn_E
QuickBooks Team

VAT exception report - HELP

Pleased to have you here, @Kennels9.

 

Let's locate the transactions and make changes to them. Let me share an article that can help you Reconcile previously deleted and re-entered checking or credit card transactions

 

The next move you need to do is to reconcile them on a month-by-month basis, starting from the oldest bank statement. Doing this will ensure that your balance, both opening and ending, for each month will be accurate.

 

Also, I'd suggest consulting with your accountant so you'll be properly assisted when reconciling your account.

 

I've attached a link about the best practices when doing reconciliation and the steps on how to do it. For more troubleshooting steps to fix reconciling differences such as combining multiple transactions, enter missing or handle transactions that are slightly off, I recommend the 2nd article:

 

 

Let me know if you have any other questions in the comment. I'll be happy to help you some more.

Kennels9
Level 2

VAT exception report - HELP

Hi, This does seems to cover what I need to do. I have attached screenshots of what I have done wrong. 

My 1st mistake was stupidly deleting the VAT adjustment that was paid back in October!

This has then messed up everything and now I am panicking!!!! 

Kennels9
Level 2

VAT exception report - HELP

then this

Kennels9
Level 2

VAT exception report - HELP

 
Kennels9
Level 2

VAT exception report - HELP

 
GeorgiaC
QuickBooks Team

VAT exception report - HELP

Hi Kennels9,

 

Thanks for replying back with those screenshots, 

GeorgiaC
QuickBooks Team

VAT exception report - HELP

Re-creating the adjustment with the same date as the original adjusment will create an additional exception in your exception report which will essentially produce a net exception of zero. Rather than entering an adjustment, if the money received was a refund for a previous VAT filing made on QuickBooks you can select the drop-down beside the pior filing on the Taxes screen > Record refund (this again will reverse the exception if the date and amount is the same). 

 

Please get back to us below if you have any questions! 

Kennels9
Level 2

VAT exception report - HELP

Hi,

Only just got chance to look at this again now, how do you recreate an adjustment? I did the second option but then it just said I was paid double the refund i was due? I am getting so confused now just because of my stupid mistake. This is not my forte!! 

Thanks for your help

RenjolynC
QuickBooks Team

VAT exception report - HELP

Thanks for getting back here, Kennels9.

 

I'll provide the steps on how you can do the adjustment. If you haven't set up an account for the VAT adjustment, let's do that by following these steps:

 

  1. Go to Accounting > Chart of Accounts.
  2. Select the New button located at the top right.
  3. From the Account Type drop-down, select Income or Expenses.
  4. Choose the account’s Detail Type.
  5. Name your adjustment account (for example, “VAT due increase”).
  6. Click Save and Close.

Once done, you can create the adjustment. 

 

Here are the steps:

 

  1. Go to Taxes > VAT.
  2. Find the tax period you want to adjust, and then select View return.
  3. Click Add an adjustment and choose the Reason for the adjustment.
  4. Select the Account for adjusting VAT. Choose an expense account if you need to increase the tax due or an income account to decrease the tax due.
  5. Enter the Adjustment amount, and then hit Add.

You can read this article for more details: Create or delete a VAT adjustment. To view other guides and tutorials, feel free to visit our general help topics page.

 

If you're unsure about the process, I'd recommend reaching out to our Customer Care Team. They can pull up your account and check the transactions affected.

 

Here's how:

 

  1. Click the Help icon located in the upper right-hand corner.
  2. In the Help window, click the Contact Us button located at the bottom.
  3. Enter your question and click Let's talk.
  4. Choose either Start a chat or Call us.

For the new QuickBooks Assistant help update, you can follow these steps:

 

  1. In your QuickBooks Online account, go to the Help > Assistant.
  2. Type Talk to a human and proceed with I still need a human.
  3. Click the Contact us link.
  4. Select either Messaging or Callback.

You can always visit us here if you have any follow-up questions or other concerns with your Intuit Online Payroll account. I'll be around to help you out again. Take care!

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