Hi I added a purchase (which I paid for with a private CC) to Quickfile a couple of months ago and must have been half asleep as I put the decimal point in the wrong place.
I only noticed it after the MTD VAT return had been submitted. The VAT differential is only about £60 but still I need to put it right.
So i’ve issued a Credit Note for the invoice and added a new purchase invoice for the correct amount.
My two questions are:
Will Quickfile automatically adjust next quarters VAT return because of the changes or will i need to do a manual adjustment .
Because I paid for the item with my own CC I marked the invoice paid via the Director’s Loan account. However the credit note against the original invoice hasn’t had any effect on the payment via the loan account. Quickfile won’t let me delete the payment (or at least it appears to let me delete it but it doesn’t disappear.
It should be picked up automatically. If you’re on cash accounting then you will need to have marked the corrected invoice as paid for this to happen.
Creating a credit note will never affect the original bank transaction that paid for the purchase, it will either create an additional refund transaction (if you chose to refund when you created the credit note) or it will hold the payment as credit on the supplier’s account that you can use to pay down future purchases.
Given it’s all in the DL account the simplest approach is probably to select to refund to the DL when you create the credit note, then create the replacement corrected purchase on the same date as the original and pay it in full from the DL on the same date as the original payment. Even though these dates fall in the previous quarter, they’ll still be picked up automatically on your next VAT return.