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If I switch from accruals to cash accounting for VAT in QuickBooks 2008, will it double count invoices that were booked during an accruals-accounting quarter but paid during a cash-accounting quarter?

If I switch from accruals to cash accounting for VAT in QuickBooks 2008, will it double count invoices that were booked during an accruals-accounting quarter but paid during a cash-accounting quarter?

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avatar
30th Jan 2013 12:50

yes it probably will - i think we have been there before

its unusual to go acc to cash as opposed to other way round

a manual reconiliation is required

BTW what version are you on? 

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By chatman
30th Jan 2013 12:52

@Carnmores

Thanks. v 2008.

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avatar
30th Jan 2013 13:36

doors to manual

printout the listing for the first quarter after the change and line by line examine or dump in excel and sort 

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By chatman
30th Jan 2013 15:43

Thanks.

Yeah, I'll concatenate name, amount and ref and match in Excel. Thanks.

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avatar
30th Jan 2013 17:33

Why not give it a go and see what happens

Just take a backup first

 

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By chatman
30th Jan 2013 18:06

Backups

Chris Smail wrote:
Just take a backup first

I back up paranoically Chris. I am the sort of person who can't get through more than ten key presses without my fingers straying to Ctrl S. On top of which, the client always has a copy of the file I am working on, so I should be OK!

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By chatman
31st Jan 2013 00:26

Cash accounting VAT Detail Report with Date Filed field showing.

When I run the VAT Detail Report in QB, having switched to cash accounting, it has brought forward balances. Normally I would assume these are payments and receipts booked subsequent to the last reported quarter with dates prior to the end of that quarter, but the client reconciles the bank before doing the VAT return so I think that is unlikely.

Irritatingly QuickBooks 2008 does not allow drill down on the brought forward balances in the VAT Detail report, so I cannot  get access to all the transactions making up the VT balance and, as a result, I cannot check whether they are duplicated.

I extracted the VAT Ctrl a/c to Excel and tried to filter out transactions modified before the start of the quarter, but it seemed to filter out everything so that didn't help.

Finally I noticed I could include the Date Filed field on my cash basis VAT Detail report. This seems to show 30/06/12 and 30/09/12 for some of the transactions (this is a 31/12/12) return, so I assume I can just exclude these and compile the VAT100 from the rest. Does that sound reasonable?

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