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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?

 
3 REPLIES 3
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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.  

Highlighted
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.

Highlighted
Level 2

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.