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Journal Entry on QuickBooks

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Hello Everyone, a client has a VAT adjustment to be made in QuickBooks via a Journal Entry. Client started using QB from 01/04/20 and the adjustment (additional VAT payable) was due to an error found in Accounts year ended 31/03/20.

Is there a way this adjustment can be made in QB so that client can incorporate a Journal Entry in VAT Quarter ended 30/06/20 and pay this VAT liability (at the same time as paying VAT for Quarter Ended 30/06/20 by Direct Debit?

I have always used VT Transaction+ and have been struggling with QuickBooks.

Thanks for any help

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By frankfx
15th Jul 2020 18:23

What is the nature of the error adjustment?
Input vat not claimed on a supplier invoice?
Or chunk of cash income not recorded, with VAT to adjust?
Or output Vat on scale fuel use?

May help to know if client is on cash accounting.
Have you tried a test or dummy adjustment..... easily edited out.

How much involved,?

We could then provide a proforma solution.

Yes VT is much friendlier and transparent.

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By RedFive
16th Jul 2020 08:30

Depending on the reason why you need to do it go to taxes tab > vat return > use ‘adjust’ link next to the box you need to amend.

This posts the journal and importantly includes it in the return.

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