Hi my account has credited lots of invoices randomly from my last VAT return period. This happened after I created a credit note for the supplier of £120 for this months purchases and after I saved it, all the last months amounts have gone haywire. It has picked a random date of 16/03/16 to have credited them and the crdit total is £1115!! please help.
it has now messed with my profit and loss report from that period. I can’t edit the invoices at all as they are locked in a VAT return.
sorry, the problem is that it shows that we made a profit when we didn’t as it looks like we have spent less now.
I’ve had a quick look into this for you, and can see 18 credits dated 16/03/2016, all for the same supplier and created by Daniel on the same day. Are these the one’s you’re referring to?
This would affect your P&L as they show the purchase amount has been lowered due to the invoices being credited
Credits (or anything else for that matter) won’t just appear on your account - they would be triggered by another action, in this case the credit notes have been created manually
Yes those are the credits, I can’t understand how they have been created though? I haven’t done them and my husband hasn’t either. If I enter new purchases with a note that they are duplicates and explain to my accountant what has happened (we have all the invoices and receipts to prove what we earned and spent those months) will the figures return to what they should be? Also, If I do re enter the purchases, and do our next VAT return at the end of July, will they be pulled into it (although I will date them Jan, Feb, March etc) as I don’t want us to try to claim the VAT twice? Hopefuly that makes sense.
Oh dear, I have looked into this and it looks like some how I did actually do it while adding back to credits from the supplier and paying off the monthy invoice. So this was done before I did the VAT return, so on our VAT return I have put in the amounts as they were yesterday. What I can’t understand is how I’ve managed to create the credits for the random dates in Jan and Feb as I only ever have to month’s purcahses I am working on up. Does this mean that we will have paid too much VAT or too little if it seems that we have spent less than we have?
We have declared all the money we have received through sales and therefore all the VAT we have collected.
so sorry again, It seems that it is March which is most affected- All the purchases have vanished from the reports and it is now showing a profit when we know where was a loss. I am worried about how to fix this and our VAT return accuracy.
I believe the credits to be correct, But Please can you explain why it has made all my march purchases from this supplier vanish- can I reenter these purchases. They do show on our march purchases as paid ( I paid them off last night) but why when I search for purchases from 1/3/16-31/3/16 for that supplier does it say no results found?
They haven’t vanished - they’re still there. QF0086, QF0089, QF0090 QF0099 for example are all there for 21/3 - 24/3, and marked as paid. If there’s a credit note against them, technically they cancel out (£10.00 and -£10.00 would obviously provide a result of £0.00, making them appear as if they’ve vanished). You can view all your invoices through Purchased > “Show All Purchases”, and then narrow down by supplier using the advanced search option.
Has the VAT return been submitted to HMRC? If not, you can roll it back and amend it. This would also unlock any transactions locked by it. I’d recommend taking a look at this guide in regards to this.
Deleting the credits (if possible) would obviously correct your P&L. Any VAT errors however can be adjusted in the next return, should you be unable to roll the return back.
To make your posts a bit easier, can you edit them please instead of posting a new one each time? Just click the 3 dots at the bottom of the post, and then click the pencil icon.
yes the return has been submitted- is there any way back?
Have you submitted the return to HMRC manually, as I notice your account isn’t set up to file electronically?
Basically, here’s where you’re at:
1. If you’ve submitted the return manually to HMRC
1.1 If you’ve underpaid in your return
You will need to write to HMRC and ask them to reverse the VAT returns so that they can be re-posted.
1.2 If you’ve overpaid
This can typically be corrected in your next VAT return by manually adjusting the boxes.
2. If you’ve only created the return on QuickFile
You can simply roll it back, correct the errors, and re-run it