Dear All,
I am new to Quickfile, I am using Cash Accounting, my question is why the [Reports] - Tax Summary is showing different figures from [VAT Returns]- Return?
This is confusing as I can not get is accurate running totals for VAT, and VAT amount I need to pay before submission to HMRC.
Many thanks
Hi @Smart_EPOS
The VAT figure in the tax report is calculated from invoice values rather than payments. Yo can view a VAT report without saving or sending it, which would give you a better insight for cash accounting.
This can be accessed from the bottom of the tax summary itself (“VAT Return screen”):
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