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January 18, 2021
Question

Treating receipts in bank

  • January 18, 2021
  • 1 reply
  • 0 views

Good Afternoon,

 

Can someone please advise which vat code to use when posting income to a nominal code via the bank.

is no vat sales? I am a little confused. thank you

1 reply

DivinaMercy_N
January 18, 2021

The Community has got your back, @nikki26.

 

QuickBooks Online (QBO) automatically creates a list of VAT codes once you set up VAT. Please visit our Common VAT Codes page to learn more about the list of VAT codes you can use. To guide you in selecting the correct codes to ensure the accuracy of your VAT report, I suggest consulting your accountant for assistance. If you don't have one, you can use our Find an Accountant tool to look for a Pro-Advisor near your area.

 

Then, to view the summary information for each box on your VAT return, you can pull up the VAT Summary Report

 

Feel free to post here again if you have further questions about this. I'm always around to help you. Have a good one.