Quickbooks Online - The Book-keepers Forum (UK)

Sheelagh · Veteran Member

Quickbooks Online

ABBC · Member

hi there, ok this is very simple....

a few Q's before I give the solution:

Q1) are your previous VAT periods already filed in QuickBooks Online (QBO)?
2) Did you create the older transactions after these previous returns were filed or not?
3) if you have not filed the previous returns, then the transactions which should be in the previous period would automatically fall into the period that they should be in.
4) If you have filed the previous returns in QBO and now want to enter the trans for a previously filed period in QBO.... this would automatically show up in your next return under the exceptions line...(Guaranteed)

btw, pick up the phone or chat and speak to a chap called Andy or Ivan, I always call them and they know the product better than anyone I've come across.

ABBC · Member

Sheelagh wrote:
In this case we started using Quickbooks online on 1/7/13 following the completion of the VAT return to 30/6/13 on Quickbooks dektop.
Since starting to use QBO we have posted some older transactions ( dated prior to 30/6/13) and I want to include them in the return for the quarter ended 30/9/13.
When I run the VAT return report for the quarter ended 30/9/13 the date range defaults to 1/7/13 to 30/9/13 and excludes the "late" transactions.
When I run the VAT exception report it is empty.
BUT, like all well behaved bookkeepers I attempted to reconcile the balance of the control account to the VAT return and I have discovered that the "late" transactions are excluded from the return.
On this occasion I can change the date range to 1/4/13 to 30/9/13 so it includes the "late" entries, but I don't want to be doing that every quarter for ever more and in any case I don't know if that would also encompass previously filed transactions. I know I can test this in future, but it would be helpful to know now.
I have tried using the Chat Help but the answers were unconvincingly full of "I think ..." or " It might..."
So, can someone explain how QBO handles late transactions which are dated in prior VAT periods.

just to add.... If the VAT periods are already filed...then any transaction you put through after these periods would go into the VAT exception report....if you click on the VAT tab....go to 'prepare return'...you will see a column with the heading 'Exception items' or exceptions'...you will see the VAT amount in the correct box for that particular transaction... even better, click in to that transaction and you can see what it relates to....

Sheelagh · Veteran Member

Hi,
I didn't file the previous returns on QBO because we only started using QBO this quarter. If this is best practice with QBO then my first task when starting to use the program would have been to run a VAT return, probably with a nil value, so that I could satisfy the requirement to have filed all previous returns. Do you agree?

Where are Andy and Ivan? Are they the QB tech support guys?

ABBC · Member

Hi, you can put through your previous Qtrs transactions through if you like..if I'm in the middle of a VAT qtr I personally put through the other transactions for that QTR as a journal, lump it all in as a journal if you like and if you have any open invoices then assign the customer/supplier against that particular transaction...you will then have all your trans accounted for in the current VAT qtr...,then continue to use it as normal and file your VAT as per normal in QBO.

Or .... If you for eg started using QBO today and today happens to be mid way through your vat qtr, then just continue to input all the transactions from today onwards....when you go to file your VAT, do that as per normal and 'pay VAT' in QBO as you do (remember filing in QBO doesn't actually file with HMRC automatically) you still need to do that manually yourself....however this will obviously be incorrect as you have only accounted for half the VAT qtr, you could simply journal the difference in QBO from your bank to ensure your accounts are correct...then from the new VAT qtr, everything will be normal.

If you like I can email you or pick up the phone to help you, Andy, Ivan are both tech guys In QBO support based in London.

Cheers, G.Anand