VAT return opening balances

There are 2 methods you can use to handle pre-existing opening balances for your first VAT return in QuickFile.

Method 1

You can enter the adjustments directly onto the VAT return before submitting on-line to HMRC. Once you’ve entered all the data onto QuickFile and you are ready to submit your VAT Return,

follow these steps:

1. Go to: Reports >> VAT Returns >> Settings and enter all your VAT settings and click save, if you have not already done so.
   

   

2. Now select ‘Create’ and enter the date range for the VAT period, if not already completed, now click the ‘Recalculate’ button to produce your VAT return.

3. Before entering any adjustments, we would recommend producing a schedule of all the entries that make up the adjustments; this will provide backing information for both HMRC and yourself. You can then upload the document onto the QuickFile document manager for safe keeping. To assist, you may want to use the backing schedule produced from QuickFile as a template by selecting ‘Download Calculations’.
   

   

4. Finally, enter the adjustments onto the VAT Return, by selecting the red arrow for each box to be adjusted:
   

   

Before entering any adjustments, you need to produce a schedule of all the entries that make up the adjustments; this will provide backing information for both HMRC and yourself. You can then upload the document onto the QuickFile Document Manager for safe keeping. To assist, you may want to use the backing schedule produced from QuickFile as a template by selecting ‘Export’.

Method 2

Re-enter all sales and purchases related to the VAT Return period onto QuickFile individually, before generating the VAT return. Please be aware that by using this method you will also need to ensure that your opening balances are adjusted accordingly, in order to avoid any duplication.