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Karen Don
October 12, 2020
Question

Taxes option in banking

  • October 12, 2020
  • 1 reply
  • 0 views

Hi, I'm new to Quickbook setting it up for a client. I set up the VAT raters etc and when I go to use banking there is an option to select a tax category. Why is this and will it effect my VAT records?

1 reply

R
Rasa-LilaM
October 12, 2020

Welcome to the Community, Karen Don.


In QuickBooks Online, all bank transactions need to have a tax code when you add them to the register. Make sure to select the correct category since it affects how the information is reported in the VAT return. Here’s an article that provides detailed information on how each rate is reported in the tax form: Common VAT Codes.


Additionally, these links contain instructions to help classify downloaded entries and common VAT processes.

 

Visit the Community again if you need help with QuickBooks. I’ll jump right back in to assist further. Have a great day ahead.

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