AccountingWeb

Any Quickbooks experts out there?

I use Quickbooks for a company that is growing. We have been cash accounting for VAT since we set up but have exceeded the turnover threshold for the last quarter (even after the increase in the budget). I have changed the preferences in Quickbooks and now have my VAT on an accruals basis for the last qtr. I have also managed to find a sales report that identifies all the sales invoices issued before the quarter but not paid before the start of the quarter (and so not in last qtr's VAT return)and can add them on as VAT now becomes payable.

Can anyone help me construct the same report for purchases? I can do it in Sage - but this is Quickbooks! I want purchase invoices before 1 March paid after 1 March and purchase invoices before 1 March still not paid (although that is much easier)

Any advice gratefully received. By the way we use job costing - Quickbooks Professional
Alison Bardsley

AccountingWEB.co.uk  25-Dec-2005
Categories:  Any Answers
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legal notice

Steve Thorns, 23 June 2004 @ 09:13 AM

Check out:

http://www.aps-advance.com/solutions/QBDATManager.htm

Regards

Steve Thorns
APS
stevet@aps-advance.com

Paul Scholes, 22 June 2004 @ 23:52 PM

I shall leave others to deal with the QB ? but on the VAT side (per last budget) you can retain cash accounting for debtors & creditors for 6 months after you have to leave cash accounting. So you switch to invoice accounting for all transactions after the switch date and just add in output & input tax as you collect & pay out amounts to clear the balances @ switch date. This might be easier and is designed to help cash flow for people who have to cahnge over.

Plus I should just check, the loss of the ability to use cash accounting happens @ £825K t/over.

Hope that's of some help.
paul@cslp

Martin Gatehouse, 22 June 2004 @ 17:17 PM

If so, you do need to reconcile your VAT control account balance to the VAT100 to make sure you identify any misposting/edits affecting earlier periods.

Assuming you are fully reconciled to the last cash accounting quarter, you need to identify the VAT and net amounts making up invoice debtors and creditors, as you have indicated.

I use the A/P and A/R Ageing Detail reports to reconcile. But Modify the reports to include the VAT Amount column and Filter to Include Split Detail = Yes. This gives the VAT recorded yet to be settled figures on the 2 ledgers. the A/P, A/R summaries give you the Stats.

Cheers
Martin