|
Hello,
I'm new to quickbooks and also new to VAT on the cash accounting basis and I seem to not be able to get my head around how to enter my opening balances from my clients annual accounts.
Are there any quickbook experts out there that would be willing to advice me on what the process is that I should follow with regards to the following.
- I have a journal ready to go in with my opening balances but I have read on the quickbooks help that I should entered my VAT opening balance as a journal, however......
- The company deals with its VAT on a cash accounting basis and therefore the box 5 amount on the last VAT return isn't the same as the figure stated in the annual accounts.
- I can see that when I set up suppliers and customers that it asks for opening balances and I'm trying to see how this fits in with my opening balance on VAT. If I enter an opening balance it will be on the accrual basis but the VAT on that balance needs to be considered on a cash accounting basis.
You can probably see I'm getting my knickers in a twist with my thought processes so if anyone can help me I would be very grateful. I just need to know what I need to do in what order.
Many thanks
|
