QuickBooks VAT – Improve accuracy and save time

Completing a Vat return can be a complex area and we need to make sure the Vat return you completed in QuickBooks is accurate and checked correctly.

Getting your VAT return to report correctly in QuickBooks starts with the correct set up of VAT. If you understand how your VAT is set to calculate and which vat code to use you are on the way to improving the quality of input on your vatable transactions.

Katara’s QuickBooks Training will improve your confidence and accuracy when processing transactions

When it comes to the Vat Return you will need to make sure you review the Vat reports in QuickBooks and understand what and how to check them.

Katara QuickBooks training can assist with;

• Correct selection of VAT codes

It can be confusing. Should I use NO VAT is it Except or Zero Rated.

• Linking VAT codes to the Chart of Accounts

If the VAT code feeds in automatically it can be a real time saver but only if it’s the correct code. Understanding the VAT summary report and how it differs to the vat 100 report in the desktop version

• The reports to use to check your VAT return

Vat summary, Vat detail, Vat exception and of course the Smart Scan. You should be using all of these to check the VAT return before submitting. Not forgetting the VAT audit. It’s a lot to look at but once you get to grips with how Vat work you will be fine.

• How the VAT suspense account works

If the Liability accounts for VAT don’t make sense we may have posting problems. With desktop QuickBooks posted to the debtor or creditor accounts. In QuickBooks Online the entry is in Vat suspense. Have a look at your Vat suspense account

• Using the VAT bridging functionality in QuickBooks

Ever wondered when and how the bridging software fits in? If you need to use it we can help.

Need to improve and check the accuracy of your latest QuickBooks Vat return? Submit with confidence once you have had one to one help / training on VAT in QuickBooks?

If you Vat number do not look right it’s time for a Vat review. During a QuickBooks training session we can review a VAT return with you. Identify areas to address and explore the reasons for incorrect postings. Following a VAT review you will understand how QuickBooks behaves when it comes to processing VAT.

The next time you check the vat return yourself you can be confident that the numbers make sense before submitting.You will know which reports to review and how to check the turnover figures in your vat return with your Profit & Loss numbers.

To find out more about how Katara training can help, click below to get in touch or call 01256 764406.

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