External Invoicing & VAT returns

[ToneMGMT]

Hello

Is it possible to use quickfile accounting software for VAT returns IF the invoices are produced externally (in word)?

We are flirting with the idea of VAT registration and this is a question that has come up.

Regards

[QFMathew]

Hi @ToneMGMT

It would certainly be possibly, you would just need to log everything as a ‘manual adjustment’ when it comes to entering it on QuickFile.

However, it would certainly be much easier if the invoices and purchases were in QuickFile as it would then do all the calculations for you. Even with just purchases on here for example, that would save you half the job and you would just need to input your sales.

If you don’t have any figures entered on the system, there isn’t much difference between our VAT return submission, and doing it directly with HMRC.

Hope that helps.

[ToneMGMT]

Sorry if this is a dumb question, but how do I enter transactions as manual adjustments?

Regards

[QFMathew]

When you open the VAT return, it will automatically pull in any figures calculated based on the data you’ve enter (purchases and sales invoices). However, each line in the return also has an option to adjust the figure.

There’s more information on the return itself, and the adjustment option in our VAT return guide:

VAT Returns Guide

Introduction With QuickFile you can easily manage your VAT returns whether you are on cash accounting or accrual accounting. We also support flat rate VAT for those businesses on the flat rate scheme. VAT returns are calculated for you based on the information you enter into the QuickFile software. When you have created a new VAT return our have the option to submit online via the Making Tax Digital gateway, or you can simply save the return without electronic submission. Getting started T…

Let me know if you need any further help

[ian_roberts]

Or treat it like retail sales and just log one bulk “invoice” in QuickFile against a fake client once a week or month or whatever for the total value of your externally invoiced sales. Any incoming payments could be tagged from your bank as payments on account for this client and used to settle up the invoice with “apply from credit”.