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Post Info TOPIC: What am i doing wrong? Quickbooks and VAT
Chillywitch


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What am i doing wrong? Quickbooks and VAT
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Does anyone know why , in Quickbooks even though I have set the company preferences to cash accounting VAT (which is what my client is), the VAT 100 report is not picking up all the  transactions as they have been paid ( I am entering any payments as the date they are showing on the bank statement).  it seems to be picking them up from tax point invoice dates.  Unfortunately i have inherited a total mess of accounts.  Lots of duplicated invoice numbers ( they were done on another system before and we are now moving over to QB), dates all over the place, no sequence to anything. Invoices raised after payment date -  you name it.....In order to make sure that somewhere along the line the invoice can be identified I have had to use the number system that the invoices have already ( adding a b or c etc to distinguish duplicate numbers).  The VAT period I am trying to report on is April to June.  if I change the report dates to March to July it picks up all the invoices paid that have gone through the bank in the period concerned but I dont want to pick them up again in the next VAT period. No bank entries have been made for March or July as did not start year until April and not touched july yet. Have not even started to look at the purchase invoice report yet. Agghh
Yours very tired and frustrated and very grateful for any help.disbeliefyawn

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Davey


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I will try to help. The Vat period you are trying to complete make sure the report dates
are from the 01/04 to the 30/6 this should give you the payments and reciepts you need
to complete your Vat Return. You say that you have set up Quickbooks to Cash Accounting
are all of the payments made by the company being put through as vat rated ie on Sage it
is i believe normally set up for T1. Are the transaction dates in the correct accounting period.
When you come to compile your VAT return Make sure that there has been no duplication.
ie put through twice once on the Invoice date and again on the Cash Accounting Date.
Hope this helps a bit. but it is a matter of analysing the software to see where the problem is.



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David
Chillywitch


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Thanks David I will double check all these and see what happens.

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