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JD01234
Level 3

Vat Ledgers

I'm experiencing some difficulties with my Vat Control account.

My Vat returns/payments are up to date - the current vat as of 31/7/20 is £1000

 

I created a balance sheet which shows:

Vat control £5000 

Vat Suspense £0

 

Looking at the suspense account - it shows all payments (minus the first payment)  as credit and debit, thus creating a £0 balance

 

The Control account - also shos the payments. 

 

What am I doing incorrectly for the control balance not to reflect what has been paid?

This shows as a liability on the balance sheet when it's been paid.

Solved
Best answer July 17, 2020

Accepted Solutions
GeorgiaC
QuickBooks Team

Vat Ledgers

Hi JD01234 👋

 

Thanks for your post.

 

Do you have any transactions with VAT on in your open return that have not yet been filed in QuickBooks? 

 

The balances are only cleared from the VAT control account when a return is marked as filed, from here the balance moves to the VAT suspense account where it is cleared by recording a VAT payment. Hence, the only time the VAT control would show as zero is if there are no transactions that have been not yet been filed.

 

Please get back to us below if you're unsure!

 

 

View solution in original post

1 REPLY 1
GeorgiaC
QuickBooks Team

Vat Ledgers

Hi JD01234 👋

 

Thanks for your post.

 

Do you have any transactions with VAT on in your open return that have not yet been filed in QuickBooks? 

 

The balances are only cleared from the VAT control account when a return is marked as filed, from here the balance moves to the VAT suspense account where it is cleared by recording a VAT payment. Hence, the only time the VAT control would show as zero is if there are no transactions that have been not yet been filed.

 

Please get back to us below if you're unsure!

 

 

View solution in original post