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Pottyponder
Level 1

We work on the VAT Margin Scheme and we have external software that calculates the figures. How can we create a general Journal with a line for the VAT Liability?

 
4 REPLIES 4
Ashleigh1
QuickBooks Team

We work on the VAT Margin Scheme and we have external software that calculates the figures. How can we create a general Journal with a line for the VAT Liability?

Hello Pottyponder, 

 

Welcome to the Community page, 

 

The external software will have created a journal which you would be able to compy into your Quickbooks account, We are not trained accountants, therefore, can not advise how to do this, you would need to speak to an accountant about how to record this in a journal in Quickbooks. 

 

If there is any accountant that knows how to do this, please feel free to comment on this post.  

Pottyponder
Level 1

We work on the VAT Margin Scheme and we have external software that calculates the figures. How can we create a general Journal with a line for the VAT Liability?

That's what i'm trying to do, I have the journal entry from the software that has one line for NET sales and another line for VAT.  Unfortunately it won't let me post directly to the VAT Liability Account.  

Does anyone know a work around?

 

Many Thanks 

Paul.

MikeTombs
Level 3

We work on the VAT Margin Scheme and we have external software that calculates the figures. How can we create a general Journal with a line for the VAT Liability?

Just stumbled across this while looking for an app that handles the margin scheme. Can you process your journal as a dummy sales invoice?


@Pottyponder wrote:

That's what i'm trying to do, I have the journal entry from the software that has one line for NET sales and another line for VAT.  Unfortunately it won't let me post directly to the VAT Liability Account.  

Does anyone know a work around?

 

Many Thanks 

Paul.


 

T1A
Level 1

We work on the VAT Margin Scheme and we have external software that calculates the figures. How can we create a general Journal with a line for the VAT Liability?

As long as a 'dummy' invoice not for the client to see!

 

Add item at cost price, nil vat.

 

Add margin less vat content (16.67%) then make it subject to 20% sales vat. Vat margin calculated.

 

Probably not correct to HMRC guidelines but as long as invoices match to original can't see it as a big issueand it works!

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