Question
Standard to Cash Accounting Adjustment
QB was set up incorrectly and had been using Standard accounting - have changed to Cash for this quarter.
The totals for the duplicated transactions which had been included in a previous return differs from the Open Transactions (£1375.13) on the return to the figures I worked out manually (£2881.10).
I need to adjust the VAT Return on boxes 1 and 6 - I have created an adjustment account - what tax rate should I be selecting? Also on box 6 the Open Transaction figure is similar to the one shown in box 1 - should this not be the net sales figure?