Went from Flat Rate to Stdrd VAT (Cash acctg) at end of last VAT period. Will edit preferences in QB. Online help says must also amend COA. What exactly must do!
I can follow Intuit Help on changing from Flat rate to Standard VAT to amend preferences but at the bottom it says 'Important: If you change from a flat rate scheme back to a standard scheme, QuickBooks does not automatically change the chart of accounts back to the way it was for standard VAT. You must make those changes manually.' I am not sure what to do and how QB will know to use whatever accounts I may add. Please could someone help? Thanks!