Your VAT agency within supplier list (in our case HMRC) determines your payment schedule. Once you set your schedule, do not change it unless you've received notification from your VAT agency. Your payment schedule may change if your VAT agency wants you to remit your collected VAT more often.
To do this task:
- Open the VAT agency supplier record.
- Click Supplier Centre.
- Click the Suppliers tab.
- Right-click the supplier you want to edit and then click Edit Supplier.
- Go to the Company menu, choose Lists, then choose Supplier List.
- Double click the VAT agency (e.g. HMRC VAT if you created your company file in QuickBooks 2010).
- In the Edit Supplier window, click the VAT Agency Info tab.
- If you do not see the Supplier is a VAT Agency checkbox on the right side of the window, you need to turn on VAT in QuickBooks (under Edit / Preferences).
- In the Edit Supplier window, click the VAT Agency Info tab.
- If you do not see the Supplier is a VAT Agency checkbox on the right side of the window, you need to turn on VAT in QuickBooks (under Edit / Preferences).
- In the Period section, select your new payment schedule based on the notification from your VAT agency: e.g., Monthly, Quarterly, or Annually.
- Then, set the Period Ending information as indicated by the VAT agency.
- Click OK.
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