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Quickbooks Online

VAT and Bank Feed

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I convinced myself that the time had come to migrate my own company and clients to Quickbooks Online.  After half an hour, I got annoyed.  You can't turn off VAT.  You show "No VAT" but Quickbooks still sets up VAT return filing quarteres.  I don't want to use Bank Feed but the history of Chart of Accounts tells you how many transactions are unreconciled.  Quickbooks haven't contacted me to tell me how to turn both off.  Has anybody got as frustrated as me.  I am not signed up for online except if my clients invite me as their accountant.  I won't be signing up anytime soon and will stick to Desktop.

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By Lucy N
12th Feb 2022 15:05

Think it might be helpful for you to do some Quickbooks online training....

Also, why would you be getting annoyed about VAT quarters showing up when you can only see them if you actually look in taxes? If your client isn't VAT registered, they may not need the version with VAT activated.

As for bank feeds, it will only show unreconciled transactions on the bank feed if the link has been made so if you don't want it just deactivate it. Bit hard to understand why you wouldn't as it cuts down processing time significantly.

Back to my first point, suggest you do the Quickbooks certfication so you know what you're doing....

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Replying to Lucy N:
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By Hugo Fair
12th Feb 2022 19:02

Just out of interest ... do you take a fresh driving-test after each purchase of a car? And, if so, are you happy that the manufacturer regards this as necessary (and goes on to charge you for the privilege)?

Note: if you're not a car driver, feel free to substitute some other fairly ubiquitous commodity in the previous questions.

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By Catherine Newman
13th Feb 2022 17:45

Believe me. I know what I am doing. Why would I pay more for an inferior product and bypass most of its functions every time I go on it. I have used Quickbooks since 1996. How long have you used it? My "account manager" hasn't rung me back in spite of several calls. And for the record I have been a Proadviser for several years! So you believe the adverts that Quickbooks helps get tax right. Welcome to those who would like to refer QB to Trading Standards.

By the way, I would be paying for the licences so it is not down to what the client might need until MTD is actually introduced. Desktop is £24 including VAT for all of them per month. Online would be £50 plus VAT per month for all of them. Only one is VAT registered so a complete no-brainer. It is me doing the book-keeping-the ones I am accountant for and use it pay their own subscriptions.

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By Catherine Newman
13th Feb 2022 17:11

Kevin Ringer made a very valid point. You go to Morrisons and buy petrol. It is classified as motor. Next time you go to Morrisons you buy food, it is still classified as motor and with VAT. How do you plead now? I don't want that and nor do I want to be correcting it!!

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Replying to Catherine Newman:
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By Matrix
13th Feb 2022 18:41

Why is a tax adviser doing bookkeeping?

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Replying to Matrix:
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By Catherine Newman
14th Feb 2022 09:18

Good question. It is how my business has evolved in a village. I have very few book-keeping clients but they have been with me all along and book-keeping gets me to their returns at the end of the year. The majority are limited companies so I keep the directors on the straight and narrow and only one has left me as he didn't like me saying he could put everything through the books. I am a member of the local Cricket Club and was a mother of school children so the clients have been with me ever since they set up. I am loyal to them and they are loyal to me. I wouldn't take any more on.

I have recently taken on a bigger business but he pays me very well as his previous book-keeper didn't know what she was doing and didn't want to do it. This is why I don't use bank feeds as in spite of what Lucy said there was the biggest mess you have ever seen. Some entries for directors loan account items were obviously not in the bank feed but "they went through the bank" in QB.

I Google everything and it specifically says "You cannot turn VAT off completely" only show No VAT.

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By MRA
26th May 2022 11:12

Hi,

Not sure how you are getting on with this however have you looked at VT transaction?

Following the announcement that QB desktop was ceasing in January 2023, after having used it for years, as a test, I very reluctantly signed up for and moved one of my client's to QB online.

As someone who completes a lot of processing for a wide variety of clients I found it slow, frustrating and intolerable. It is far less flexible than desktop in terms of settings and preferences and, for me, the only points in its favour where the fact that you can move the history, its reporting capability (although this is less than desktop) and the familiarity.

However, regardless of the above, I have cancelled my subscription and am moving as many of my clients as I can to VT, thankfully I have also used this for years. VT is quick, simple, incredibly flexible and does exactly what you need it to do. As an additional bonus, it is desktop based, can link and file accounts and MTD and it is considerably cheaper.

Good luck with it. Desktop finishing, especially the lack of timing to plan and the date at which they have chosen to cease it, is a total nightmare!

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