Hi all, I've used / recommended QuickBook's for years as it does so much more than count beans. However, I've now got a problem in it ans wondwered if anyone else has had and fixed it.
I imported a chart of accounts for the same company from a previous year so that I could start a clean file and clear out the baggage of old transactions; I simply rekeyed those transactions that were still open between old and new accounting periods. This had a different VAT account call VAT liability, and a number of transactions posted into that account.
In QuickBook's when you record a transaction it posts the VAT element to a VAT account ( VAT Control ).
I now have a problem in that QuickBook's looks at the old VAT liability account not the new VAT Control account for reporting, so doesn't create accurate VAT reports.
Has anyone had any similar problems ? and if so, how did you fix it? Its not an obvious operator fault and I don't see how QuickBook's chooses which account it uses or how / where it decides hon how to post these figures.
What version of QB are you on?? HMRC VAT account is set normally by default. You might have to go in to company preferences to get it changed maybe? I haven't done what you have done before so having abit of a guess.
In Company Preferences there is abit on VAT (at the bottom of the list I think from memory), you may be able to set the default VAT from there to a new VAT control account.
