Hi,
I am moving over to Quickfile and have uploaded old transactions.
I have processed old returns but came to difficulties with VAT exceptions where the old purchase transactions were processed in a later return than the transaction date.
To fix, I moved the date forwards temporarily, processed the VAT then re-dated the transaction.
I assume I did it mid-VAT process so the transaction was correctly not recorded in the return, but the actual purchase invoice has been recorded as within that VAT quarter and will not appear as an exception in the later return.
Is there a way to correct the flagging?
In the meantime, I assume I will need to do a manual correction to correct the later return?
Regards,
Julian
Hello @Julian_Metcalf
Are you on cash accounting?
Under cash accounting the payment date (the tax point) is used to assign invoices to the return.
Example: On a Jan-March return if the invoice was dated 01/02 but paid 01/04 then the tax is not due yet so it would not show on the return until the payment date is reached (The Apr - Jun return).
Hi Steve,
No. Just accruals.
What I subsequently noticed was that purchase invoice dates can be changed but not on credit note which was awkward.
I ended up having to do VAT return adjustments to balance the returns.
Regards,
Julian
Hello @Julian_Metcalf
If a transaction has appeared on a return it would be locked so it would not show on a future return.
When a vat return is processed it looks for unreconciled transactions prior to or within the vat return period, it they were not included previously they would get picked up.
You could always do another manual correction if required.