If I switch from accruals-based VAT accounting to cash-based VAT accounting in QuickBooks 2008, will it double count the VAT on all the invoices that have already been settled, when the money comes in/goes out?
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Not sure but
I am not sure how QB 2008 will behave but I don't think it will handle this automatically. You may need to do a VAT quarter 'manually'. However may I suggest that you copy the company file to a newly named file "TEST VAT" or something. Open the new file, adjust the VAT settings in QB, and run the VAT reports. You may not like the answer but at least you can see how it will behave for certain!
Captain
PS Remember to switch back to the real file afterwards!
I have never seen ...
I am not sure QB won't handle it, but, if I were a betting man ....
Actually I have never seen any accounting software that seamlessly handles switching between the VAT schemes. Does anyone know of any (out of interest)?
Captain
Seamlessly switching between VAT schemes
I am not sure QB won't handle it, but, if I were a betting man ....
Actually I have never seen any accounting software that seamlessly handles switching between the VAT schemes. Does anyone know of any (out of interest)?
Captain
Yes, VT Transaction+. The VAT status of any unpaid invoice is automatically switched when you change schemes.
Philip Hodgson
VT Software
Safest way
I would change the settings and then check what QuickBooks actually does.
It shouldn't be too onerous to alter future VAT returns using exporting to Excel if there's problems.
Phone Intuit
Why not look at the VAT return detail report for the relevant period as soon as you have some data that seems strange and phone Intuit Technical Support.
Variable
The help can be variable but if you give them the impression you won't stand for any nonsense they pass you to one of the more knowledgeable technicians.
You don't have pro advisor status?
VT
If I set the client up on VT, could I mark the transactions that have already been filed so that they do not get double-counted when the money comes in?
No need. It is not possible for the VAT to get double counted.
Philip Hodgson
VT Software
Opening balances
If I set the client up on VT, could I mark the transactions that have already been filed so that they do not get double-counted when the money comes in?
No need. It is not possible for the VAT to get double counted.
Philip Hodgson
VT Software
He means as opening balances.
Why don't you just take a back up and then try it
Lots of pointless speculation here.
I expect it will be fine.
Find out and let us know.
VT - switch to VAT cash accounting
Chatman. Sorry, I did not read your question properly!
If you have outstanding invoices that have already been included in a VAT return:
Enter the invoices with VAT cash accounting turned offCreate and save what is in effect a dummy VAT return. This marks the VAT entries with a contra mark that indicates they have already been in a returnTurn VAT cash accounting onEnter the remainder of the outstanding invoices
Philip Hodgson
VT Software
no
invoices that have been included under accruals will reappear on the cash vat reports - you will need to make an adjustment .
i have commented on this before and contacted Intuit they dont seem to care
it a ticking job im afraid
going from cash to accrual is marginally better!
anyway your question is slightly awry, if the invoices have already been paid they should not appear on future vat cash reports, its invoices that have been reported on previous accrual based reports and are currently settled where problems arise
Badly worded
invoices that have been included under accruals will reappear on the cash vat reports - you will need to make an adjustment .
i have commented on this before and contacted Intuit they dont seem to care
it a ticking job im afraid
going from cash to accrual is marginally better!
anyway your question is slightly awry, if the invoices have already been paid they should not appear on future vat cash reports, its invoices that have been reported on previous accrual based reports and are currently settled where problems arise
I think he meant invoices that had already been included in a previous VAT return. But I take your point.