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Post Info TOPIC: Quickbooks and Flat rate VAT
Sammy76


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Quickbooks and Flat rate VAT
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I have been given a client from a local accountant. I want to do a great job as it could lead to more. I entered all his receipts/invoices etc onto QBs and was about to reconcile his VAT which wasn't reconciling. Turns out he's on the FLAT RATE Scheme and doesn't claim input tax. So how do i enter all this on QBs as in the VAT settings there doesn't seem to be any options to choose any different scheme to the standard VAT.

 

Should I set it that he isn't VAT registered so not VAT goes on invoices and just do a journal each quarter for it? I've spent 4 hrs on this and don't want to have to start again.

 



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Zoe


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Hi Sammy

Quickbooks does deal with the Flat Rate Scheme.

You need to go to Edit and then Preferences.

Select VAT down near the bottom and then the Company Preferences Tab.

There is a VAT Scheme Option and you need to change that to Flat Rate and enter the percentage.

Kind regards

Zöe

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Sammy76


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There is no VAT scheme option on my Quickbooks.

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Zoe


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What version are you using? It is only available on the more recent versions.

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Seahorse (UK) Limited - Support for Bookkeepers and Accountants
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Starting a Bookkeeping Business
Sammy76


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It's the 2013 accountants copy.

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Zoe


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I used to do a journal before QB had the capability to deal with Flat Rate VAT.  Details on the method I used can be found here - http://forums.quickbooksusers.com/showthread.php?t=26355

If you want me to talk you through it in more detail, please let me know.

Kind regards

Zöe



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Seahorse (UK) Limited - Support for Bookkeepers and Accountants
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01268 417631
Starting a Bookkeeping Business
Sammy76


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Thanks Zoe for your help. So if I set up an expense account for the Flat rate adjustment then do a journal from Vat liability to the expense account for the difference, then the Vat liability account should have the correct 9.5%.

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Zoe


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The way I did it was to print out the VAT 100 report and then do the following:

(Box 6 + Box 5) x Flat Rate % = Ans
Box 5 - Ans = Flat Rate Gain

Journal the flat rate gain amount from VAT Liability to Flat Rate Profit



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Seahorse (UK) Limited - Support for Bookkeepers and Accountants
www.seahorseuk.co.uk
01268 417631
Starting a Bookkeeping Business
Sammy76


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Thanks Zoe. I'll do that :)

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