Immediate assistance ,please.
Just ran a VAT report to be paid, it includes all VAT for the quarter but none of this has been collected.
I am using Quickbooks, do you think my parameters are set wrongly?
Ann
Replies (2)
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Hi Ann
It sounds like your settings are for the accruals basis, but you would like the cash basis?
Go to Company, Preferences, VAT and set it to the Cash Basis.
Nicola
VAT options
I assume from your post you mean output VAT has been accounted for on invoices but these are unpaid; hence indicating you wish to apply cash-accounting rules.
If this is the case then YES, the company preference for VAT accoutnign needs to be changed
Select Edit, then preferences. Scroll down to VAT. Select this and then select the company preference tab. The VAT reporting bais is about 2/3rds of the way down this box.