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Everything you need to know about connecting your bank and credit cards in QuickBooks Online

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Replying to:
KayePe
QuickBooks Team

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There is no direct option to adjust box 5 for the VAT return, @JT97. However, you can create a journal entry to help you resolve any discrepancies between your VAT return and Trial Balance in QuickBooks Online (QBO). Let me help you in addressing this.

 

To adjust the VAT section, click the Prepare Return and use the Adjust option for most boxes. However, Box 5 doesn't have this feature. With this, it's best reviewing the past records to identify and fix any issues. If tracing isn’t feasible, consider creating a journal entry as a last resort and consult your accountant for assistance and accuracy.

 

Follow the steps below when performing the journal entry:

 

  1. Click on the +New button and select Journal Entry.
  2. In the Account field on the first line, choose an account and enter the amount in the appropriate column for debit or credit.
  3. On the next line, select the other account you're moving money to or from.
  4. Ensure the amount is the same in both the Credit and Debit columns.
  5. Add a memo to explain the reasons for the journal entry.
  6. Click Save and new or Save and close.

 

JOURNAL ENTRY.png

 

On the other hand, when you receive a refund from the HMRC after making a payment, it's essential to create a record to match it with the corresponding bank transaction. For guidance, please refer to this QuickBooks Online reference: Record a VAT payment or refund in QuickBooks Online.

 

Once you've adjusted Box 5, your VAT return and Trial Balance should align perfectly. If you have any further questions, feel free to reach out. I'm always here to help.

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