Why is VAT showing again in bank reconciliation?

Forum|Forum|1 year ago
August 28, 2024
1 reply
3 views

If a supplier/customer invoices already have VAT included, why when I come to do bank reconciliation is VAT showing as 20% again.

QuickBooks Online

payment after leaving

Level 10

Hi melanie19 Thanks for reaching out to us here on the Community. When you refer to bank reconciliation are you referring to adding/matching amounts from the for review page of the banking section or the actual reconciliation function as the reconciliation function doesn't include the VAT amounts on transactions?

melanie19Author

Hiya John C

Yes, I'm referring to the adding/matching amounts from the for review page of the banking section. Don't want to have double VAT entries.

Thank you.

GeorgiaC

Level 13

Hi melanie19, thanks for clarifying

Transactions in the for review section aren't included in QuickBooks yet.

When you match with an existing transaction, QuickBooks links the two together, meaning there's no impact on your accounts. The VAT selected on the manual transaction (e.g. invoice) overrides the VAT on the downloaded bank transaction, preventing duplication.

We're just a post away if you have further questions or require additional assistance.

Sign up

Login with SSO

Let's get you signed in

Login with SSO