Having recently upgraded to Quickbooks 2008 and after having to adjust every Invoice/Credit/Statement Template (unbelieveable software upgrade - thanks Intuit) I have a VAT query. When running the VAT 100 an amount appears in Uncategorised Tax Amounts and the corresponding entry in Box 4, I believe it relates to previous VAT payments, has anyone been able to just on the system?
Paul Ryan
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Hi Paul,
The problem arises because since the upgrade every VAT transaction has the date of the return it is submitted with added to the transaction.
This prevents transactions that are entered with a date earlier than the current VAT return being omitted from a future return. I was quite surprised that Intuit had never resolved the problem before, particularly as this software is targeted at the SME market.
The un-categorised VAT figure is the value of previously entered VAT transactions without a VAT return date appended. The workaround suggested by Intuit is to run a dummy VAT return ended the day after the last return thereby appending that date to all posted transactions. Future reports will then show the correct figures.
Intuit have posted a couple of articles on their web site explaining the issue and their suggested fix.
Good Luck