I am new to this system and quite frankly finding it very confusing. I have just entered some purchases (as a trial). I have more to enter. I have just tried to do a trial vat report and the entered purchases are not coming through on the purchases total and the reclaimable vat is not coming though either, everything showing 0. I just want to enter purchases, show the vat reclaimable and do a vat report. Can I not do this without using the entire system?
Hello @PhilS
Are you on cash accounting?, if so the payment dates (the tax point) is used to assign the invoices to the return.
To get picked up by the return, an invoice would need to have a payment against it and the payment date would need to be within the vat period you are running.
Note that cash accounting is the default setting in a new QuickFile account so even if you don’t actually operate on cash accounting you may find it’s still configured that way in QuickFile - if you are actually on “traditional” VAT accounting based on invoice dates rather than payment dates then you need to explicitly select “accrual” in the QuickFile VAT settings.
Steve I’ve been away for a few days, picked your message up this morning and been working on it. You are absolute star! I have changed the cash to accrual and it has brought my purchases and reclaimable vat through. Thank you very much Phil
Good that you have sorted it - of course there are pros and cons both ways round
- on cash accounting you don’t have to hand over sales VAT to HMRC until you’ve been paid, but you also can’t reclaim purchase VAT until you’ve paid the supplier
- on accrual accounting you can claim back purchase VAT as soon as the supplier has invoiced you, but you also have to pay over the sales VAT as soon as you invoice your customers even if they haven’t yet paid you
but the key thing is that the setting in QuickFile needs to match the scheme that you actually want to use.
This topic was automatically closed 14 days after the last reply. New replies are no longer allowed.