I have a question, VAT has implemented in 2018 in Saudi Arabia but we have invoiced to a customer in Dec-2017.
On the other side we have received the VAT amount since the services has occured in 2018-2019.
When I record the transaction its showing excess amount which completely VAT on the previous invoice. Example below for your reference.
|Received amount in 2019||10,500|
|Excess VAT Amount||(500)|
How do you want me to record this transaction in the Quickbooks online.
Kindly help me.
Solved! Go to Solution.
Hello there, Aleem Shaik.
The vat calculation depends on what accounting method you've set up. We can go to the Account and Settings to check if the method was correctly set. You can follow the steps below:
Visit us again if you have additional questions.
Thanks for your response, but this won't work for me. Its cash basis accounting. I have received the excess VAT amount, where I can adjust the invoice but I don't want to. Is there any entry which will adjust this amount in the system and shows in VAT payables.
Kindly provide your feedback.
Yes, I have created the inovice in 2017 but the payment has received in 2019 including VAT. Now the 10,000 invoice I have recorded the payment 10,000 but excess 500 which is completely VAT where should I adjust?
Yes. we are using UK subscription. but on the other side, I want to pass the entry or adjustment is there any difference in online quickbooks whether if its UK or any other subscription.
Anyhow, Kindly help me out. Since two days I am following up.
You will have to receive the 10,000 on the invoice, with No VAT, and then create a separate 100% vat invoice relating to the 500. Create the invoice, entering the customers name and the date of the payment, on line 1 enter a sales in the product/service column, enter 0.01 in the amount column and enter 20%S in the VAT column (ensure the amounts are box is set to Exclusive of VAT). On line two enter sales as on line one, in the amount column enter -0.01 and in the VAT column enter Exempt code then you can enter the 500 amount in the VAT box, save, receive payment ensure the date of the payment is the date you received the amount.
What is the date of the invoice you created and what is the date of the VAT period? Have you selected receive payment on the invoice and entered the date it was paid, this date should correspond with your VAT period you are expecting it to be shown in?
Thanks for that if the transaction is in the period that you are in it should update.
Could you provide a screen shot of the transaction you have created and one of the taxes page as well so we can check why this might be.
We would be grateful if you can provide us with a full screen shot of the payment made against the invoice, displaying the date and a screen shot of the Taxes page showing the date range of the open and filed periods.
Are you using cash or accrual basis on VAT?
Thank you for providing us a screenshot, @Aleem Shaik.
To further assist you in recording this payment, I suggest reaching out to our Customer Support. You can follow the steps outlined in this article: Contact the QuickBooks Online Customer Support team.
Let us know if there's anything that we can help. We're always here to assist.
Hello, @Aleem Shaik.
Our phone support for QBO UK is from 8:00 AM-7:00 PM (GMT) Mondays to Friday. While our chat support is available 24/7. You can reach our chat support by following these steps:
I'm always here if you still need help with your account.