We used to balance our Quickbooks software using the payment summary statements and list the transactions making up that summary. I have now downloaded the vat calculation report which shows the tax point date and vat charged however this does not make up the payment summary due to B2B. Without ticking of every transaction how do you calculate total oustanding debtors.
Hello,
To calculate the total outstanding debtors without manually ticking off every transaction, you can follow these steps:
- Export the payment summary statement from QuickBooks and the VAT calculation report.
- Review the payment summary statement and identify the transactions that make up the total outstanding debtors.
- In the VAT calculation report, look for transactions that are marked as B2B (business-to-business) and have a tax point date within the relevant period.
- Compare the transactions in the VAT calculation report with the transactions in the payment summary statement to identify the B2B transactions that contribute to the outstanding debtors.
- Once you have identified the relevant transactions, calculate the total outstanding debtors by adding up the amounts of those transactions.
- Use this total to balance your QuickBooks software.
By comparing the B2B transactions in the VAT calculation report with the payment summary statement, you can identify the transactions that contribute to the outstanding debtors without manually ticking off every transaction.
It’s important to ensure that you accurately reconcile the transactions to maintain accurate records. If you have further questions or need assistance, it’s recommended to consult with a financial professional or reach out to QuickBooks support for guidance specific to your software.