Learn how to file your VAT return and record your tax payment in QuickBooks Online.
QuickBooks Online tracks your payment due dates in one place so you can avoid late returns and extra fees. Once it’s time to file, you can review what you owe first to make sure all the numbers look good. Then, you can use your up-to-date QuickBooks info to fill out your tax form.
After filing, you can record your new tax payment in QuickBooks so your VAT payable stays up to date.
If you still use the manual VAT, here’s how to file your VAT return and record tax payments.
Step 1: Review what you owe
If you haven’t already, make sure everything is correct before you file.
- Go to VAT. In the Returns tab, check which return is due this month, then select Prepare return.
- Select the Filing period, then update the Start date, End date, and the Filing date.
- Review your tax. Make sure everything is correct. If you need to add an adjustment, select Adjust for the item in the list that you want to add as an adjustment. Fill up the adjustment details in the form, and select Save.
- Take note of your gross sales, taxable sales, tax due, and adjustment amount (if you added one). You’ll need these numbers later when you fill out your tax return form.
- After you have done with updating the details in the returns, select Mark as filed.
- Select Continue.
Note: If you need a detailed look at what you owe, run your VAT liability report for the same tax period. This is helpful if you want to review your taxable and nontaxable invoices, receipts, and other transactions.
Step 2: File your return with the right tax agency
After you review your VAT, you can e-file your return on your tax agency’s website, or file by mail depending on your region.
Most states encourage businesses to e-file. But if you can’t file online, you can check your tax agency’s website for more info on how to mail your return.
- Go to your tax agency’s website to file your return online. If you haven’t yet, you might have to sign up for your state’s e-filing service.
- Fill out your VAT return form. Refer to the gross sales, taxable sales, and tax due amounts you took note of in Step 1.
- Finish filing your VAT return.
Step 3: Record your VAT payment in QuickBooks
Once you're done filing, it's time to keep your VAT info in QuickBooks up to date. Here's how to manually record your tax payment to zero out your VAT payable.
- Go to VAT.
- In the Returns tab, under Filed returns, find the return you just filed, then select Record refund.
- Under Payment type, select Payment.
- Add these payment details:
- Bank account
- Payment date
- Payment amount
- Memo (optional)
- Select Save.
You can see your payment details under the Payments tab.
Step 4: Check your filing status
If you filed online, go to your tax agency's website to check your return’s filing status. If you filed by mail, you can also call your tax agency directly to get an update on your return.