Hi there! I have connected with my bank and I've connected with HMRC and I know how to submit a return (although my first one isn't due until the end of this month), but my problem is that all of the values in the tax section are £0. How do I link the banking info into the tax section?
For your transactions to hit the VAT return you will need to create them and ensure that a VAT code has been used. You can create a transaction by going into the +new button and selecting a transaction create the transaction and apply a VAT code and save, Quickbooks will do the calculation and apply the amount of vat to your VAT return - creating transactions this way will allow you to find matches within the banking section.
Or from the banking section you can ADD in your transactions and along as a VAT code is applied this will hit your VAT return. ( Please be careful when adding transactions straight in from the bank that they have not been manually created as this will cause duplication's)
Thank you to Becky who responded to my previous question. Unfortunately, I'm pretty clueless and I don't understand how to create a transaction or apply a VAT code. For our VAT return, I usually just add up all of our sales (which are in the bank statement) and then apply a fixed VAT percentage. So, I need the sales items in the bank statement to wind up in the VAT section somehow. Maybe there is a tutorial on this? I appreciate any info!
To have the figure in the taxes section for your sales and expenses the transactions need to be manually added you can do this using the + create icon in the top left of QuickbBooks and use sales receipt/deposits/expense/bank deposit in there will be a box with VAT to select the code as long as VAT is turned on the product. Which you can turn on in the taxes section if you have not turned it on already.
Or alternatively you have the option of submitting your VAT return through MTD with a spreadsheet (basically a CSV file with the boxes and figures in)
Essentially you can either manually enter each expense and invoice or connect your bank account and then categorise and add each income and expense(the system will ask you to add a VAT code and give you the option .Once that is done it will then impact the taxes section.
We have included some get started tutorials here as well as some webinar options
Any questions just reply back here in the Community!