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hdykstra-atlanti
October 3, 2024
Question

Has anyone been able to add a VAT rate Similar to RCG but for NON EU Goods/Services. These options are not available in the drop downs?

  • October 3, 2024
  • 1 reply
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1 reply

October 3, 2024

Managing tax rates can be tricky, especially when dealing with different state, local, and international regulations, hdy. Navigating these situations can be challenging, so let's work side-by-side to ensure you can add a VAT rate specific to your business needs. My goal is to make this process as smooth and straightforward as possible for you.


QuickBooks is designed to simplify many aspects of financial management, including tax rate handling. The software automatically generates VAT rates depending on the address you configured after setting up your company. Since you mentioned you want to add a specific VAT rate for your non-EU goods, you'll need to create a custom rate to complete this process. This way I'll guide you through the step-by-step process: 

 

1. Go to the VAT menu and choose Add tax

2. Select Custom tax

3. Enter the details such as name, description, percentage rate, and where it applies.

4. Click Save.


While QuickBooks provides powerful tools for managing your VAT rates, it's also important to note that tax regulations, especially those involving international transactions, can be complex. International tax law is a specialized field that requires in-depth knowledge and continuous updating as laws change. Given the specific nature of your request to add a VAT rate for non-EU goods, I'd recommend consulting with a qualified accountant before proceeding. An accountant can provide information about international taxation for your VAT application for non-EU goods.  

Your financial accuracy is important, and understanding how to manage tax rates can save you time and ensure compliance, hdy. So please share your questions or inquiries below, and let’s tackle them together. Whatever your concern, my team and I are here to provide clear, actionable advice tailored to your situation. Let's work together to ensure your tax management is as efficient and accurate as possible, giving you more time to focus on growing your business.

hdykstra-atlanti
October 3, 2024

Hi Erica,

 

Thanks for your answer. I spoke to my accountant and this issue is mainly in relation to the Show net amount on return line drop down options when creating such a custom Tax or rate. All options relate to EU countries and there are no NON-EU options in the drop down.

 

All im trying to create a is an RCG Rate to show a reverse charge for NON EU goods and services in my Quickbooks. Is there another way to do this perhaps?

hdykstra-atlanti
October 8, 2024