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EngrRandz04
Level 1

Hi everyone, I have mistakenly selected cash and cash equivalents account for my VAT Adjustment and then marked the VAT return as filed. How do I correct this?

 
Solved
Best answer July 04, 2021

Best Answers
Rasa-LilaM
QuickBooks Team

Hi everyone, I have mistakenly selected cash and cash equivalents account for my VAT Adjustment and then marked the VAT return as filed. How do I correct this?

Hello there, EngrRandz04.


I know how important for your business to use the correct account in the VAT adjustment. I’m here to guide you on the right path to rectify the issue.


In QBO, we’ll have to undo the filed tax return to process a correction. This process requires opening an account to open the VAT return.


To ensure the security of your information, I recommend contacting our QBO Care Team. They can perform the process in a safe environment. Make sure to provide the following information to them:

 

  • QuickBooks Online Company ID.
  • Which tax filing period you wish to unfile.

Check out this article for more details: How to unfile VAT/GST.


Here’s how to reach them:

 

  1. Tap the Assistant icon to open the QB Assistant window.
  2. Enter the issue in the field box.
  3. Click the Contact Support Team menu and then choose Start a chat.
  4. Enter your contact information.

For additional resources, this link contains topics about filing and paying tax, applying sales tax to transactions, and managing VAT rates: Tax for QBO.


Feel free to click the Reply button if you have additional questions or concerns. I’ll be around to answer them for you. Have a great day ahead.

View solution in original post

2 Comments
Rasa-LilaM
QuickBooks Team

Hi everyone, I have mistakenly selected cash and cash equivalents account for my VAT Adjustment and then marked the VAT return as filed. How do I correct this?

Hello there, EngrRandz04.


I know how important for your business to use the correct account in the VAT adjustment. I’m here to guide you on the right path to rectify the issue.


In QBO, we’ll have to undo the filed tax return to process a correction. This process requires opening an account to open the VAT return.


To ensure the security of your information, I recommend contacting our QBO Care Team. They can perform the process in a safe environment. Make sure to provide the following information to them:

 

  • QuickBooks Online Company ID.
  • Which tax filing period you wish to unfile.

Check out this article for more details: How to unfile VAT/GST.


Here’s how to reach them:

 

  1. Tap the Assistant icon to open the QB Assistant window.
  2. Enter the issue in the field box.
  3. Click the Contact Support Team menu and then choose Start a chat.
  4. Enter your contact information.

For additional resources, this link contains topics about filing and paying tax, applying sales tax to transactions, and managing VAT rates: Tax for QBO.


Feel free to click the Reply button if you have additional questions or concerns. I’ll be around to answer them for you. Have a great day ahead.

View solution in original post

EngrRandz04
Level 1

Hi everyone, I have mistakenly selected cash and cash equivalents account for my VAT Adjustment and then marked the VAT return as filed. How do I correct this?

Hi!,

 

I coordinated this issue to customer support and VAT is now reopened.

 

I just want to ask if VAT adjustment should be recorded as a current liability or as an expense.