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seotronix
May 11, 2022
Question

VAT - P&L

  • May 11, 2022
  • 1 reply
  • 0 views

Hi! I have the following question regarding VAT:
I register the VAT in every invoice I issue and receive, so that QB records the "VAT to pay" with no issue. Then, I register my payments, and send the VAT declaration. This works fine.

 

However, once I complete all the steps, I expect VAT paid to be shown in the P&L, so I can see the profit after taxes. But this doesn't happen. I can't find a way to make it explicit in P&L.


Any ideas?

1 reply

E
Ethel_A12
May 12, 2022

Hi there, @seotronix.

 

I understand how important it is to see the money movement for our business in QuickBooks Online. Let me share some insights to know the VAT payables and paid.

 

Currently, VAT accounts do not show in the Profit & Loss report as it is a liability. No worries, you have another option to see the VAT liability. You can pull up a Balance sheet. 

 

A Balance Sheet report provides a financial snapshot of your organization as of a particular date. It determines how much your firm is worth (equity) by subtracting all of your company's debts (liabilities) from all of its assets (assets): 

 

I'll show you how to run a Balance Sheet:

 

  1. From the left menu, go to Business overview.
  2. Select Reports.
  3. Choose Balance Sheet.

 

I am also adding this article to understand the Balance Sheet: What is a Balance Sheet report in QuickBooks Online.

 

Meanwhile, here is an article that you can check if you need help in making Tax Adjustments: Make tax adjustments in QuickBooks.

 

Get back to us here if you have other questions about tracking your VAT-related transactions. Don't hesitate to click the Reply button below. I'm always here to help. Have a great day.

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