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Littlegee
Level 1

Resolving expense exceptions on the VAT exception report using the adjust button for a filed VAT return?

I have a duplicate expense transaction for a previously filed VAT return which I would like to void / delete. In doing so it should create an exception in an exception report when I come to file my next return. I imagine the full amount will be returned to the cash account used to pay the expense and the the VAT control account will be adjusted accordingly. Now to zero the exception is it as simple as using the adjust button next to standard rated expenses column to adjust the VAT figure down by the same amount of the exception and the exception will be zeroed out allowing me to file my next return?

3 Comments 3
TirzahC
QuickBooks Team

Resolving expense exceptions on the VAT exception report using the adjust button for a filed VAT return?

Hello, Littlegee.

 

You can use the Adjust option for the next filling. To delete the duplicate expenses from the previous VAT return, you may need to contact your agency for correction. I would also recommend reaching out to your accountant to check if you still need to recreate the deleted transactions.

 

Please check this link in case you have other questions about taxes: Help Articles For Taxes.

 

I've also added articles about tracking the adjustments, creating other tax rates, and other topics. 

Don't hesitate to let me know if you have further questions about your tax reports. I'll be more than happy to assist you. Keep safe.

Littlegee
Level 1

Resolving expense exceptions on the VAT exception report using the adjust button for a filed VAT return?

Thanks for the reply but I need more clarification on how this works. I asked if using the adjust button zeros out / cancels the exception if you adjust up or down specifically for input tax thus allowing me to file the next return? We are allowed to adjust current returns here to account for minor corrections of already filed returns.

 

If I delete the expense will it increase the expense account and VAT control throwing my figures out, then to balance the expense accounts out and to zero out the exception I simply use the adjust button to decrease the values by the same amount as the exception?

Mark_R
QuickBooks Team

Resolving expense exceptions on the VAT exception report using the adjust button for a filed VAT return?

Welcome back, @Littlegee.

 

Allow me to fill you in on everything you need to know about adjusting a previously filed VAT return and help from there.

 

In QuickBooks Online (QBO), we don't recommend adjusting or deleting some transactions from the filed VAT return to fix the exception amount on the report. This might cause issues with the balance on your books. To get this resolve, I suggest contacting our QuickBooks Support Team. They can provide some information on how to properly manage this kind of issue. To reach them, please follow the steps below:

 

  1. Sign in to your QBO account.
  2. Click the Help button.
  3. In the QuickBooks Assistance chatbox, select Talk to a human and choose I still need a human.
  4. Hit Contact Us.

 

Also, I still recommend checking with your accountant for more guidance. They may add suggestions based on what's more suitable for your business and to your books.

 

You might want to learn how to manage your tax payments in QuickBooks Online. Here's a link you can read for more information.

 

Keep in touch if you need any more assistance adjusting your filed VAT return. I've got your back.