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O
Omprakash
September 21, 2022
Question

I have done vat adjustment in box 4 and box 7 for pre vat registration vat claim. If you need to decrease your vat due such as expense , set up an income account. Why?

  • September 21, 2022
  • 1 reply
  • 1 view
Why we are setting up income account?

1 reply

G
GeorgiaC
Level 13
September 21, 2022

Hi Omprakash, thanks for your post - we're unable to advise on which account to offset the VAT adjustment against when entering this, are you referring to a specific Community post or online guide? 

O
OmprakashAuthor
September 21, 2022

Specific community post

@GeorgiaC wrote:

Hi Omprakash, thanks for your post - we're unable to advise on which account to offset the VAT adjustment against when entering this, are you referring to a specific Community post or online guide? 


  

M
Mich_S
Level 5
September 21, 2022

Welcome back, @Omprakash. 

 

Before anything else, I'd like to verify which specific Community post you're referring to. This will enable us to determine the basis for your need to set up an income account.

 

If everything is in order, feel free to browse this article to learn more about handling VAT returns in QuickBooks: Record a VAT payment or refund in QuickBooks Online.


Looking forward to your response to this post. We're available 24/7 to back you up. Take care!

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