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SILVERSTONE RENT A CAR
September 21, 2023
Question

Banking

  • September 21, 2023
  • 1 reply
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When i tried to add bank transaction to party ledger, Accounts payable/Receivable. I couldn't do it without track Tax/VAT. Is there any option to disable Tax/VAT option showing in while adding transactions to correspondent ledger. Check in QB tutorial, there also not showing the Tax/VAT option while adding transaction. Please advise

1 reply

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ChristieAnn 11
September 21, 2023

Welcome to the QuickBooks Community, SILVERSTONE. Please know that disabling the Tax/VAT option is currently unavailable in QuickBooks Online. Let me share further details about this and ensure you can bank transactions efficiently.

 

Once you are using QuickBooks Online in Ireland, Mexico, Malaysia, Singapore, United Arab Emirates, or South Africa, a field and default set of GST/VAT codes is created for you automatically. The software offers customers the ability to choose from a list of commonly used (VAT/GST/GCT/IVA/ITBIS/TOT) rates. These rates are provided for informational purposes. This could be the reason you couldn't complete the process without tracking Tax/VAT.

 

However, you can choose the No Tax/VAT(0%) on the drop-down arrow to add and save the bank entry. You can also consult your own tax or accounting advisors regarding the applicability of the rates shown on the QBO or if you're unsure what to rate to use. They'll be able to provide you with suggestions on how to properly handle the transactions, especially with the VAT/TAX rate used for the bank entries.

 

Lastly, refer to this article to see steps on how to review the transactions that'll help you avoid duplicate data: Categorise and match online bank transactions in QuickBooks Online.

 

Please let me know should you need further assistance recording your bank transactions in QuickBooks. I'm always around to help. Have a good one, SILVERSTONE.

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