What does quickbooks do with vat, not same as sage ... confused
redsunflower25
Registered Posts: 38 Epic contributor 🐘
Sorry if this is in the wrong place... welcome to move...
I'm a sage user who has been thrown in at the deep end to 'fix' a clients quickbooks but I'm stumped as to why there is a journal to clear the vat down. I get why to some degree but being a sage user I'm confused. How has this journal been created, has qbs done this itself? I have a vat 100 that works in Feb but then afterwards does not because the figures have been cleared down. Do I need to clear them all down?
Help most appreciated.
Thanks
I'm a sage user who has been thrown in at the deep end to 'fix' a clients quickbooks but I'm stumped as to why there is a journal to clear the vat down. I get why to some degree but being a sage user I'm confused. How has this journal been created, has qbs done this itself? I have a vat 100 that works in Feb but then afterwards does not because the figures have been cleared down. Do I need to clear them all down?
Help most appreciated.
Thanks
0
Comments
-
No great expert on QB but I believe it clears the VAT liability to the creditors control as soon as you file VAT. As far as I know when you press the file VAT button it clears everything down.
Could that have happened?0 -
I think so, but I just wonder why it hasn't on the other quarters (I guess because they haven't been 'filed')
So am I correct in thinking when i run a VAT 100 on a 'filed' quarter the amounts left showing are the transactions that haven't been included in a previous vat period?
Then on another quarter I have the correct sales vat showing but the purchases vat is missing.
Think I need a qbs lesson in VAT ... :blushing:0 -
It may be that the client is using the flat rate scheme.0
