I am setting up a Quickbooks file for a customer using invoices/receipts back to Jan 12. He has been using a spreadsheet up to now and has done his VAT returns throughout the year and I am putting it all into QB so that his accountant can do the annual accounts easier. However some of the past VAT returns were not quite correct (EC stuff mainly but a few other boxes as well). Can someone explain how I should account for this in QB as it doesn't seem to let me do retrospective returns specifying a date. What I want to do is post the amounts he put on his actual VAT return so that for this quarter I end up with the corrections needed included in this quarter's VAT return.
To be honest I would just add up all the differences in the VAT for the relevant boxes and make a manual adjustments to the next VAT return you run in QB. VAT - Adjust VAT due. I think you will have to do it a couple of times, as it will only let you do one type of adjustment at a time. Before you do this (if you haven't already) you will need to create a couple of accounts to post the changes to. I have created VAT adjustments in (income account) and VAT adjustments out (expense account). (The VAT Liability account is the opposite side of the entry.
