Thank you very much Kristine.
I see that in error, in order to record the VAT due (and mirror my old chart of accounts), I went and created a VAT payable account (VAT Payable - Current liabilities) to which all my VAT dues are going (I don’t know if in creating it, I asked it to point to this account), but when I record payment via the Taxes section, QB applies it to the “Value Added Tax Suspense - Current liabilities” account that was already in QB. So now the payments I made don’t reduce the VAT payable.
My questions are:
- Is VAT being collected supposed to go to same account where payments are applied so they offset each other?? If so…….please see 2-3 below. If not, please explain.
- How can I get my invoices to now record VAT to the correct QB “Value Added Tax Suspense” account?
- What happen to the previous invoices that have VAT going to the incorrect account? Can I change those somehow to point to the Value Added Tax Suspense account?
- Is there a way to get help over the phone? I am needing to get this resolved as soon possible.
As you can see, I am not an accountant and so I may not be understanding how the VAT tracking and payment process is to be recorded.
Best regards,
Marcella
