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11 Cards in this Set
- Front
- Back
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Before data is entered we also need to set up VAT. |
From the VAT CENTRE
Click "SET UP VAT" |
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Enter the VAT Number...
GB12345678
IF ASKED...there is no data validation letters prefix is not required.
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Pressing the "SET UP" button will make the VAT CENTRE available in the system
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"Your current VAT period begins" - NO NEED TO CHANGE
"Your VAT Accounting Scheme" - NO NEED TO CHANGE |
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We will explore..
NEW TAX RATES & SETTINGS PREPARING VAT RETURNS RECORDING VAT PAYMENTS VIEWING VAT RETURNS VAT RETURN HISTORY RUNNING VAT REPORTS |
CLICK ON "NEW TAX" to ADD..
An additional TAX (VAT) code An additional TAX Group A CUSTOM TAX |
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Illustrate that in the 2nd half of the screen the data entered in the SET UP process CAN BE CHANGED. |
HOW VAT WORKS IN QUICKBOOKS ONLINE... |
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QUICKBOOKS ONLINE USES... VAT CONTROL for entries from: BILLS, EXPENSES, INVOICES... |
WHEN VAT RETURN IS RUN all transactions relating to the VAT PERIOD are transferred via a JOURNAL from the VAT CONTROL to the VAT SUSPENSE ACCOUNT which should clear down to ZERO if settled in FULL. |
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TO PREPARE A VAT RETURN
Click on "PREPARE RETURN"
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The VAT RETURN report has the standard 9 boxes the same of the VAT100. |
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Once a return filing period is changed and a return is submitted the system automatically calculates the next filing dates. |
EXPLAIN difference "MARK AS FILED" and "FILE ONLINE WITH HMRC"... |
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"FILE ONLINE" takes users to HMRC website to enter the figures and file the VAT return. |
"MARK AS FILED" closes the books for the VAT Period.
New or amended transactions effecting the VAT from this period will be should on the VAT EXCEPTION REPORT & will be included in the next VAT RETURN report. |
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To RECORD A PAYMENT...
Use the BUTTON to record a payment for an UPCOMING filing. |
If a VAT return has already been filed and "mark[ed] as filed" for the CURRENT PERIOD then you MUCT record the payment in VIEW HISTORY ...which we will look at next..... |
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Navigate to the PAY VAT screen to SHOW ONLY... |
TO VIEW HISTORY
Users can.. MAKE CURRENT VAT PAYMENTS VIEW PAYMENTS VIEW FILING HISTORY and VIEW VAT REPORTS
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