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October 10, 2024
Question

Hello. We would like to set-up VAT rates, ledger statements and reverse charge

  • October 10, 2024
  • 1 reply
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1 reply

October 10, 2024

Hello, Christiana.

 

I'd be glad to help you set up the Vat rates, ledger statements and reverse charge in QuickBooks Online (QBO).

 

To get started with the VAT rates, follow these steps:

 

  1. In the Tax Centre, select Add tax.
  2. Choose the type of tax rate you’d like to set up.
  3. Enter the details for your tax rate. If you need assistance, click the help button (the yellow question mark).
  4. Select Save when you're finished.

 

For more detailed information, you can refer to this article: How do I set up sales GST/VAT rates and use them on forms? (International QBO).

 

Secondly, to run reports about General Ledger Report, here's how it works:

 

  1. Go to Reports and select All.
  2. Scroll to the bottom and select For My Accountant.
  3. Choose General Ledger.
  4. Select the date range and choose between cash or accrual basis.
  5. Click Run Report to generate it.

 

Moreover, to implement reverse charge in your transactions, you’ll need to activate it in the VAT rates section:

 

  1. Go to Taxes.
  2. Select VAT.
  3. Click the Edit VAT dropdown and choose Edit Rates.
  4. Find Domestic Reverse Charge and toggle it on.

 

I've included these articles on how to set up and use the tax feature and available report in QuickBooks:

 

 

Let us know if you have further questions about managing your taxes in QBO. We'll be right here to help you at any time.