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Your concern about VAT paid on purchases in your reports is valued, @Peter-Wiles. I understand how accurate financial reporting is essential for effective business management. Let's work together on achieving this with ease in QuickBooks Online (QBO).
To prevent any transactions from being accidentally left out in your VAT reporting, verify the correct tax code applied to each bill or expense. The program uses these tax codes to calculate VAT accurately. You can check the transaction is labeled correctly under the correct tax rate by following the steps below:
- Log in to your QBO account.
- Open the paid-on-purchases VAT report.
- Locate the Bill or Expense that doesn't have VAT calculation and click on it.
- You will be directed to the transactions tab; update the tax rates from there.
- Once done, hit Save and Close.
After making the initial adjustments, I recommend rerunning the VAT report to see if the changes resolve the issues. If you continue to experience the same problem, please perform some basic diagnostic procedures to rule out any potential browser-related issues.
Here are the shortcut keys to open incognito mode in popular browsers:
- Mozilla Firefox: CTRL + Shift + P.
- Microsoft Edge: CTRL + Shift + N.
- Google Chrome: CTRL + Shift + N.
- Safari: Command + Shift + N.
If the tax report successfully calculates VAT in incognito mode, clear your browser's cache to resolve the unusual behavior. Alternatively, you can use another supported browser.
When it's time to file your VAT return, verify the amount you owe to ensure everything is correct. You can take a look at this article containing details on how to avoid late filings, surcharges, and penalties: File your VAT return and record VAT payments in QuickBooks.
This detailed approach will help you resolve issues in your reports. If you have any questions about managing VAT in the program, please don't hesitate to post here again. We're here to support your success and ensure your peace of mind in all your business endeavors. Wishing you well!
