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• # 111525
• Sat 31 Oct 2015 10:07 AM

Good morning everyone

i have juststarted usung quickbooks online and am a but puzzled by the vat exceptions report. What exactly is this report and why if i simply change the category of a transaction does it appear here? how do i use this report? Is it necessary to remove tranactions from it or is it for info only? Unfortunately the in software help does not say much.

on another note, would i journal a lumpsum of vat due to the vat liability acc or to the vat suspense acc? what is the vat suspense acc for?

Thank you in advance for your help

Shernell

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• # 111527
• Sat 31 Oct 2015 08:21 PM

Hi Shernell

The exception report shows all transactions - and pulls through any reclaimed, or non reported VAT that are outside of the current VAT period. For example, if your current period that you're about to file is for Jul/Aug/Sep - if you changed a transaction (or added/deleted anything) that was in June or May, then this will show up in the Exception report, because is it outside of the current VAT quarter, but a change to the VAT report that needs to be included.

You can journal a lump sum of VAT due to the suspense account. When you 'file' the VAT within QBO, it moves the payment or refund generated to the suspense account - when it is then repaid or refunded, it is cleared from here.

One word of warning - when you're recording the VAT payment in the 'view history' area - its best to use the payment facility under the payments column, rather than the 'Current Period Payments' button. 

Hope that helps

• Carol Saunders
  Lady of Ledger Book Keeping
  Telford, Shropshire

  
  

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• # 111533
• Sun 01 Nov 2015 10:58 AM

>
> Thank you for your reply Lady of ledger. This is really helpful. Why do you recommend that I should I avoid the Current Period Payments route?

Shernell
>
>

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• # 111570
• Wed 04 Nov 2015 07:24 PM

Hi Shernell

It was around 12 months ago now, so hopefully QBO have probably fixed this issue, but one of my clients had paid their VAT bill late and I used the 'current period' payments button to record the payment. It caused me all sorts of issues where the recorded payment would not 'record' on the date that I was telling it that the payment was made - but on 'todays' date instead. Obviously, this caused problems with the reconciling too. I ended up phoning QBO, we had to delete the payment, then re mark it using the other button - so I've always used the other button ever since.

• Carol Saunders
  Lady of Ledger Book Keeping
  Telford, Shropshire

  
  

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• # 111574
• Thu 05 Nov 2015 01:07 AM

Thank you

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