Quickbooks have released a new feature, SmartScan, which is a unique innovation that automatically checks VAT returns in Quickbooks for common mistakes and also saves time on checking. Your second pair of eyes – duplicates, inconsistent VAT codes and missing transactions; SmartScan spots them so you don’t have to. You can then simply click on each transaction and amend it as necessary.
How to use it:
1) When logged into Quickbooks, go to the ’Taxes’ menu on the left hand navigation list
2) Look for the VAT return you are preparing from the list of VAT periods
3) On the right hand side there is an ‘action’ column; click the drop down arrow next to the VAT period you want to check
4) Click ’SmartScan’ and Quickbooks will perform the checks and show you the results on screen
We think this is a really helpful tool and quick to run when preparing the VAT return for submission.