VAT reconciliation

loupet82loupet82 Member Posts: 1

Hi. I am completely new to Wave, I am used with using Sage/Xero etc. When you look at the VAT100, is there a way of reconciling those transactions so that the next quarter you can somehow run the report which will show any transactions from the previous period which has not yet been included on a return?


  • AlexLAlexL Administrator Posts: 544 admin

    Hey @loupet82 . Sorry for the late reply here. We've looped in the appropriate team and I'm hoping we'll have a response for you soon. Thanks for being patient.

  • AlexLAlexL Administrator Posts: 544 admin

    Hi again @loupet82 . The team has put together a solution for the best way to include a missed transaction from one quarter that you're adding into a different quarter.

    If you miss a transaction in Q1 (Jan-Mar), you'll have to add this in Q2 (April). Follow the steps below on how to do so:

    Let's say the amount is £100 and the VAT is £20. You'll first want to add a regular expense Transaction in April showing this amount.

    Next, you'll want to create a Journal Transaction in April.
    -Credit: Expense account (£100)
    -Debit: Owner's Investment (£100)

    Lastly, create a Journal Transaction for March on the date it was actually paid.
    -Debit: Expense account (£100)
    -Credit: Owner's Investment (£100)

    At the end of the day, you should have 1 regular expense Transaction, and 2 Journal Transactions. This should balance everything for you while showing that the amount that was missed, is being paid but also belongs to a different quarter.

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