Hello, have been using QF for years but only used to submit quarterly VAT returns twice to date. I noticed that the journals created by the system show the correct amount of SALES VAT (cash but even so) , but the purchases VAT is way off.
If the difference is because of cash vs accrual accounting, shouldn’t the Sales VAT also be on the acrrual basis? It definitely is as per the cash submitted return.
If you are on cash, or accrual accounting, the scheme is applied to both input and output vat.
If your purchase vat is not correct, check you’re using the correct vat code on your purchases.
Yes The vat return submitted shows the correct total vat
It’s the journal created automatically by QF That has a different value and it’s different only on purchases
Am I explaining this correctly or should I send screenshots for clarity?
Don’t see how the purchase vat can be wrong if the overall vat is correct.
Sales vat less purchase vat equals overall vat to pay.
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