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Philco1
September 1, 2022
Question

I've started using qb for vat from June. However, I have previous vat payments to enter. How do I enter these to adjust the balance sheet

  • September 1, 2022
  • 1 reply
  • 0 views
No text available

1 reply

G
GeorgiaC
Level 13
September 1, 2022

Hi Philco, you can enter these by creating a new liability account within your CoA (Cog > Chart of Accounts > New) - when creating the account, enter the VAT payment(s) amount in the 'unpaid balance' field. After this, record the payment using a deposit (+ New > Bank deposit), selecting the account the money was debited from and the date, and under 'add funds to this deposit' set the VAT amounts are to No VAT, select the liability account and enter the amount. Once saved, the balance in the liability account will show as 0.00 and you can then match the deposit to the payment in your bank if you have this connected to QB. 🙂

    P
    Philco1Author
    September 1, 2022

    I've start using qb from April. 

    However, my vat period is from March.

    Liability in balance sheet relates to April & May.

    How can I post the amount for march to balance the current account?

    G
    GeorgiaC
    Level 13
    September 1, 2022

    Hi Philco1, if you're still needing to submit the amounts from March to HMRC, you would enter the sales/purchase transactions with the correct date and VAT code in QB. Alternately, you can enter an adjustment directly against the relevant boxes on your return (Taxes > VAT > Prepare return > See option to adjust).

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