VAT return - Marking previous returns as filled

Mick6 · ‎September 06, 2020

Hi,

We registered our company for VAT at the end of Dec 19, with our first VAT return period covering Jan 20-March 20. We filled this separately from quick books so I'm looking to mark this as filled to move the VAT from the VAT control to the VAT suspense account and match it to the payment received from HMRC (we were due a refund due to significant renovation works undertaken).

The issue I'm having is that the return submitted to HMRC included a lot of expenses prior to our VAT registration (as allowed by HMRC), however when I go to taxes in quickbooks its only showing a return for the period Jan 20 to March 20 and I can see no way to record the expenses I have entered in quickbooks for pre-Jan 20 as filled.

Can anyone advise me how I would do this.

Thank

John C · ‎September 07, 2020

Hi Mick6 Have you marked the Jan - March period as filed or is it still open? If it's still open what you can do, we appreciate that this may take some work, is mark all the historic expenses as No VAT, amend the VAT dates so it is the period directly before Jan-March, so Oct - Dec, mark this as filed within QuickBooks, you will have to ensure that there are no transactions showing so it's a zero return. Then change all the expenses back to the correct VAT codes, this will create exceptions in the Jan-March return which will reduce the amount of VAT due in that period.

View solution in original post

MJoy_D · ‎September 06, 2020

Hello, @Mick6.

I can show you how to account for your transactions.

You can record all the transactions that you've entered before January 20. You can also the current date to include it within this VAT period and adding a memo of the correct date on the description.

To enter the transaction:

Go to the + New icon and choose Bill.
Enter all the bills and assign the amounts to the correct expense accounts.
Click Save or Save and close once you're done.

See this article for more about entering historical entries: Enter historical information.

If those expenses were from other sources, you can import them as bills and mark them as paid after the upload or import. You can do it from the Gear icon and select Import Data.

I also recommend seeking help from an accounting professional for additional guidance.

For more information about VAT and other QuickBooks help, check out our Community guide here.

Let me know if you have other questions about your expenses and or need additional help. I'll be right here to assist you. Have a wonderful day!

Mick6 · ‎September 07, 2020

Hi Mary,

Thank you for your reply. I have already inputed the historical transactions into quickbooks, my question was how do I mark the historical ones as filled for VAT.

There are hundreds of individual expenses so I'm hoping the only option is not to amend the dates of the expenses to bring them into the Jan 20 - March 20 vat period. Apart from the work this would involve, it would also move them into a different financial year which would not be idea.

Any further help you could provide would be appreciated.

Thanks

Mick

John C · ‎September 07, 2020

Hi Mick6 Have you marked the Jan - March period as filed or is it still open? If it's still open what you can do, we appreciate that this may take some work, is mark all the historic expenses as No VAT, amend the VAT dates so it is the period directly before Jan-March, so Oct - Dec, mark this as filed within QuickBooks, you will have to ensure that there are no transactions showing so it's a zero return. Then change all the expenses back to the correct VAT codes, this will create exceptions in the Jan-March return which will reduce the amount of VAT due in that period.

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VAT return - Marking previous returns as filled