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Established Community Backer ***

Allocating payments/refunds for VAT on QuickBooks Online

Hi everyone,

 

That time is approaching yet again where your VAT return has been filed however you are strugling on how to allocate the payment/refund within QuickBooks Online? 

 

Worry no more! Watch our short YouTube video to find out how! Whilst your there make sure you like and subscribe to our channel for useful videos in the future for all things QuickBooks! 

Expert UK-based QuickBooks Online Support - 01273 441187 Learn how to allocate VAT payments and refunds in QuickBooks Online. Find Rowan at https://proadvisor.intuit.com/app/accountant/search?searchId=rowan-van-tromp on QuickBooks Find an Accountant Tool!
3 Comments
Established Community Backer ***

Re: Allocating payments/refunds for VAT on QuickBooks Online

Thanks for sharing, @EmilyMockett

Community Explorer **

Re: Allocating payments/refunds for VAT on QuickBooks Online

Hi, thanks for the info but I have an issue with recording a payment.  Please bear with me whilst I explain the situation.

I moved my client at the start of the financial year (01/04/2018) to QBO from Xero.  There were some late VAT entries in Xero which had not been included in the VAT return to 31 March 2018.

 

This amount was in the opening trial balance at 1 April 2018 and posted in QBO to VAT suspense.

 

OK so now I have prepared the VAT return in QBO to end September and marked it as filed.

 

I adjusted the return figures manually to take into account the late entries and entered the figures on HMRC vat website and the correct amount was paid.

 

So here is the problem,  I have a return in QBO showing that a payment of £19k is due but only £15k was paid as the additional £4k was a refund due from a previous period and adjusted in this return.

 

How do I mark the return in QBO as paid (£19k) and match it to a bank payment of only £15k and post the difference to the VAT Suspense account to offset the opening trial balance?

Highlighted
Established Community Backer ***

Re: Allocating payments/refunds for VAT on QuickBooks Online

Hi,

 

I am unsure whether this will work without having access to the QuickBooks file directly. Please let me know how you get on.

 

Within the VAT screen, click on the 'Record payment' button and record the full value of £19k. Ensure that you select the right bank account you paid the VAT from (even though it is only £15k you paid) and the same date the money left your bank account.


Within the banking screen, on the transaction that shows £15k leaving your bank account click into it and select 'Find match'. Open up the date ranges and see if the VAT payment of £19k you have just recorded is shown here. Of course it will show a £4k difference. I am hoping that you will be able to use the 'resolve difference' toggle to post it to VAT suspense.

 

Let me know how you get on.

 

Kind Regards,

 

Emily

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