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Good day, @ccf2.
Let me help you get this info in QuickBooks Online.
You can run the Invoice List by Date report to get a list of invoices that will show the breakdown of taxes on the VAT Return. Let me show you how:
This will now show you the list of taxes for each invoice which is the composition of your total tax liabilities.
You can also run the VAT Liability Report. This will show the lists of transactions that are included in each box on the VAT return. Just go to Reports and open the report.
Additionally, you can customise your other reports in QuickBooks. This way, you can easily review the details that matter the most to your business.
Let me know if you need further assistance with this. I'm always around to provide answers to your concerns. Have a great day ahead and take care.
Good day, @ccf2.
Let me help you get this info in QuickBooks Online.
You can run the Invoice List by Date report to get a list of invoices that will show the breakdown of taxes on the VAT Return. Let me show you how:
This will now show you the list of taxes for each invoice which is the composition of your total tax liabilities.
You can also run the VAT Liability Report. This will show the lists of transactions that are included in each box on the VAT return. Just go to Reports and open the report.
Additionally, you can customise your other reports in QuickBooks. This way, you can easily review the details that matter the most to your business.
Let me know if you need further assistance with this. I'm always around to provide answers to your concerns. Have a great day ahead and take care.
Thanks for your help. As a follow on question, if I want to allocate the VAT refund from Revenue against all the invoices that make up the total of the VAT refund, is there a simple or automatic way of doing that?
Hello there, ccf2.
To record VAT refund for customer/invoices, you'll need to do it manually per customer.
You may consider creating a Journal entry to record this. Before doing so, I suggest reaching out to your accountant for additional guidance on posting correct accounts or the right category of the entry. This way, you're able to make sure that your account stays accurate.
To create a Journal entry, here's how:
For the detailed steps, you can refer to this article: Create a journal entry in QuickBooks Online.
Don't hesitate to post again here if you have further questions in managing your QuickBooks account. I'm always here to help. Have a good one.
On the same topic of VAT, I have a follow on query please?
We are always in a VAT Refund situation.
When the refund comes into our Bank Account where exactly should I allocate it?
The Profit & Loss Report seems to show all expenditure net of VAT, so that would seem to suggest that I should not post the refund against the expense codes.
I can see 3 separate VAT accounts in the Chart of Accounts, VAT Expense (P&L) VAT Payable (B/S) and VAT Suspense (B/S).
Should I categorise the refund to one of these codes?
When I try to check how the previous Bookkeeper allocated earlier refunds I'm finding it hard to figure out what was done.
Thanks in advance for your help.
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