QB Issue Resolution:
If you have filed to end of year in older legacy system then this is either a payment to be made or a refund to be collected. This has to be entered as a bill or invoice. It can be journalled in as part of the opening balance entries.
The other option is to repost the past period of transactions into Qb and file vat in new version for end of 2016 lot of work though.
I would use the data from old system and manually file vat to HMRC and then for end of year posting of the refund or payment as an opening balance into new QB starting 2017.
Then run QB for 2017 as normal, you would not need to manually correct anything going forward as old data & filed vat in old system new data and vat for 2017 onwards in QB.
QB normally creates the receivables account for vat on first filing a refund. You can create this manually use the name of the vat agency supplier account that QB creates on vat set up and add “- Receivables” to it for a customer name.
QB should pick this up when you first file a refund if not you can tweak the Open balance journal to post the the account QB creates if it decides to create a different name. (It does happen).
This then leaves you free to post the end of 2016 vat period refund as an invoice by journal using opening balance equity account as the opposite side of the posting or the same account you are using for take on data whatever suits.
You then just receive the refund against this journal to whatever bank you use, This clears the banking transaction in QB 2017 current system that have to deal with past period payments/refunds of old system.
The new 2017 QB system will run your vat going forward..
Resolution for Issue 'How do you set VAT tax in quickbooks? What account is best to be used in chart of accounts?' available: Yes (Solved).
Source: Intuit Community forum.
How do you set VAT tax in quickbooks? What account is best to be used in chart of accounts?: this issue or error code is a known issue in Quickbooks Online (QBO) and/or Quickbooks. Support for this issue is available either by self-service or paid support options. Experts are available to resolve your Quickbooks issue to ensure minimal downtime and continue running your business. First try to resolve the issue yourself by looking for a resolution described below. If it is a complex issue or you are unable to solve the issue, you may contact us by clicking here or by using other support options.Support for balance journal
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