How do VAT settings affect company’s transactions?
I have a company that has already been VAT registered. Now, if the VAT settings get turned on, do they affect transactions from before the company became registered or just the ones after?
I'm not sure how it would work. It's the first time that I need to retroactively change a client's VAT status, normally clients who use QBO set up from the start.
If I upload client’s accounting data for the first time onto QBO and then enter the vat payment against the vat bill for each payment, is that ok?
I have a new client client, they're VAT registered and pay quarterly. I'm moving all of their accounts from spreadsheet to QBO.
So if I enter all their data in and then enter the vat payment against the vat bill for each payment is that ok?