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C
chante2
April 7, 2022
Question

How do you capture your customs vat? We paid FEDEX here in South Africa but for the life of us we cant get the numbers to match to the invoice we received.

  • April 7, 2022
  • 1 reply
  • 0 views
We tried creating a separate vat invoice and captured the Duties etc also separately. But in both cases even if we set that VAT to 100% it duplicates the value we put in then it doesn't match up to our bank statement on money leaving the account.

1 reply

AlexV
AlexV
April 7, 2022

Hello chante2!


Thanks for reaching out to us. You'll need to manually track the customs VAT you paid.


The first thing you'll need to do is to create an expense account. You'll need it in tracking the customs VAT. Follow these steps:

  1. Go to the Accounting or Bookkeeping menu and select Chart of Accounts.
  2. Click the + New button. Select Expenses as the Account Type and choose a Detail Type.
  3. Enter a Name, then tap Save and Close.


Once done, go to the + New button and select Expense, Bills, or Check depending on how you want to record the transaction with FedEx. Under the Category details section, enter the information of what you've paid to FedEx. Just add the expense account you created as another line item and the customs VAT amount. Then, tap Save and close.


I also included these articles if you need to set up a custom tax agency and rate:

 

I'll help in any way I can if you have any other concerns regarding your taxes. If you need to record other entries, let me know and I'll post a guide or two. 

M
Melissa LT
April 7, 2023

How do we make sure that the VAt amount on good imported goes into the line "Block 15A VAT on Other Goods Imported by you" on the VAT return?

Q
QueenC
April 7, 2023

Thanks for joining in the conversation, @Melissa LT. 

 

When filing VAT returns in QuickBooks Online, you'll need to use the correct VAT codes and categories for them to show on the correct blocks. 

 

Since a default set of VAT codes applicable to your regional tax system is automatically set up in your QuickBooks file in South Africa, we only have to make sure we're using the appropriate VAT category. 

 

To help you with the VAT category of the products or services you'll going to use, feel free to refer to this article: Add a VAT category to your products and services. If you aren't sure which tax category to assign, you may consult your accountant to get the best insights into what tax categories your items need. 

 

Additionally, I've included an article that'll help you adjust and delete VAT payments in the tax centre: Manage VAT payments in QuickBooks Online.

 

Feel free to utilize the comment section below if you have other concerns regarding VAT returns in QuickBooks Online. I'll be sure to get back to you. Have a good one.

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