QuickBooks accounting software is one of the best options for the recording any and all transactions of financial nature in the business. It also deals with tax related matters of the business which helps to file and pay for taxes in time to avoid any penalty. One such taxes that QuickBooks deals in VAT (Value Added Tax) or as known in many countries as GST (Goods and Services Tax) which is basically a consumption tax. There are many users who face quite a lot of issues with VAT and QuickBooks. Some of the problems shared by QuickBooks experts that are faced by aggrieved users are follows:
Query: One of the most common VAT issue faced by QuickBooks users is when it comes to reconciling VAT under cash accounting in QuickBooks software. In other accounting software like Sage the process is quite simple as the user only has to click on the tab labeled ‘Reconcile’ and reconciliation of VAT for that particular quarter is done. So the user requires to record VAT under QuickBooks in the closing of the Journal.
VAT under QuickBooks cannot be reconciled automatically as the process for same has not been integrated within the software yet. The user will be required to go through the process of manually reconciling VAT within the QuickBooks software for the particular quarter, for which a detailed report regarding VAT needs to be run that can be located from the menu under VAT tab. The report basically comprises of all the transactions that are somewhere related to and are in tandem with the box numbers present under VAT return.
The user also needs to take note of VAT data present in exception report comprising of VAT related transactions that have undergone certain change, like addition, modification or deletion, in the periods prior to current one that have invariably brought on certain changes in the whole liability of company pertaining to VAT category. The report basically entails information about the VAT transactions that have been modified along with the change faced in the amount related to the transactions. This report will help the user to file in correct amount VAT and help to avoid any kind of mistake in entering data also ensures that the transaction is correct before proceeding with filing of the same. Performing prior review of VAT return transactions is also a good practice to follow as it will inform the user whether the same transaction has been filed or not to avoid double entry of the same. For any aid required regarding any report, Help tabs are available on any and all reports in order to be in loop of what is happening within the report and what fields are being used.
The above-mentionedinformation regarding VAT reconciliation in QuickBooks denotes that for successful processing user will have to follow manual steps. However, for any issue faced while performing the same QuickBooks expert team can be approached.Moreover, if there is any issue in connecting with the team of QuickBooks for thesame user can connect with us at our toll free number +1855-481-5335 and live chat option on our website – https://fastfix247.com/.