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Amending Transactions for a submitted VAT return


#1

Hi,
I am new to Quickfile, and have realised that a large number of banking entries were duplicated for a couple of months. the VAT returns have been submitted. In order to get the bank rec in line, I would like to delete the transactions that are duplicated, however, quickfile won’t allow me to do this because the VAT return has been submitted.

Please can you suggest the best way to get the bank rec back in line and submit the next VAT return to reflect the refunds in VAT?

Many thanks.
Jo


#2

I would recommend to speak with an accountant.

My personal advice is to create reverse entities in Journal and revert all transaction. Alternatively create a refund of each invoice (negative invoice) as A RETURN. This should enable to balance your books. But pls be careful as HMRC doesn’t like these adjustments.


#3

Hi @jowestways

I’m assuming that the duplicate transactions aren’t tagged to any invoices since they are duplicates?

You can roll back a VAT return, but they need to be done in order (newest first). This will only roll it back in QuickFile and doesn’t affect your submission to HMRC. Once it’s rolled back, any locks will be removed for you to make changes.

You will need to re-submit your return on QuickFile (again, this doesn’t affect HMRC and in fact, they will reject it as a duplicate). It’s important to check your figures however. If they have changed, you may need to notify HMRC. I would suspect they won’t change. As per my first paragraph - if they are untagged, they’re unlikely to have any bearing on your figures.

I hope that makes sense? If in doubt however, as @manish suggested, check with your accountant (I’m not one).


#4

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