Old VAT Exceptions

Trying to submit VAT Return. Exception report now shows all prior period transactions on the exception report and creating huge liability. All of these transactions have been entered on prior VAT returns and "Filed".

Answer

Hello s.smith,

These amounts are coming from your transactions you've previously filed but were changed or deleted. You can use these amounts to check that no VAT or credits are missed or duplicated.

If you think that you should be making an adjustment, this is possible, however, make sure to notify HMRC that you have an exception and you'll be making an adjustment.

How to adjust your VAT liability:

  1. click Taxes (or Sales Tax).
  2. On the VAT page, click Prepare VAT.
  3. Click Adjust in the VAT line that you want to change.
  4. Choose an Adjustment Date and VAT rate.
  5. Click the Adjustment Account.
  6. In the Amount section, enter the amount of the adjustment.
  7. (Optional) Enter a memo to describe the adjustment.
  8. Click Save.

Should you have any questions or queries directly relating to the QuickBooks product itself, please feel free to contact us.

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IntuitDanica , Community Support Specialist
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