Quickbooks and VAT

JJH1969
JJH1969 Registered Posts: 110 Epic contributor 🐘
I have processed my first VAT return for a new client and their previous accountant has posted a journal at the end of Dec 2010 to VAT control. This journal throws up as an unassigned VAT amount at the bottom of the return. How can I get rid of this? I have tried adding it to the VAT line and adjusting the amount due but it is still there as an error at the bottom of the return???

Comments

  • imeldabye
    imeldabye Registered Posts: 147 Dedicated contributor 🦉
    what is the value posted by previous accountant actually for Juliet?
  • JJH1969
    JJH1969 Registered Posts: 110 Epic contributor 🐘
    I wish I knew - its just part of a large journal called balances b'fwd done at the year end. The amount is only £37
  • JodieR
    JodieR Registered Posts: 1,002 Beyond epic contributor 🧙‍♂️
    It'll probably be best to find out what it's for, but if you can't (and for the amount involved it may bot be worth it), but make sure when you post the journal you include entries in the boxes on the right on the line saying 'VAT liability' - can't think off the top of my head the exact entries but something like 'HMRC' in one box and 'Purchase VAT' or something in the other. That should stop it appearing on the unassigned report.
  • imeldabye
    imeldabye Registered Posts: 147 Dedicated contributor 🦉
    The reason it comes up as unassigned is the previous accountant must have posted the journal without assigning a vat code to it or posted it to a period for which the return had already been filed. Can you take this out of the vat control account with the same date and then re-post with vat code? Just an idea!
  • JJH1969
    JJH1969 Registered Posts: 110 Epic contributor 🐘
    Thanks for the replies - take it out how - what would the journal entries be?
  • imeldabye
    imeldabye Registered Posts: 147 Dedicated contributor 🦉
    Juliet sorry I've not come back to you- can you post a screen shot of the quickbooks report so I can take a look? I am no QB guru but I have used it for a while, and struggled with the best of them with its anomolies :glare:
  • Bluewednesday
    Bluewednesday Registered Posts: 1,624 Beyond epic contributor 🧙‍♂️
    I think you have to amend the original transaction rather than put a journal through. As imeldabye says I think you have to label it as HMRC vat return in the customer bit and then put it through as sales output VAT but it's tricky to tell you exactly as I only use QB at a clients so don't have it to refer to.
  • imeldabye
    imeldabye Registered Posts: 147 Dedicated contributor 🦉
    also-I have a feeling that you need to adjust the opening balance on the vat control a/c via the opening balance equity account...
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