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September 23, 2020
Question

How to record a purchase for resale from other EU member state, I am not sure what VAT code to apply. RCG-R is a standard 23%, we have 21% temporary vat now

  • September 23, 2020
  • 1 reply
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1 reply

Pabz_L
September 23, 2020

Hello there, @traleefurnitures.

 

To enter the item or product you purchase for resell, you can directly add them to your Products and Service list. 

 

Here’s how:

 

  1. In your Quickbooks Online, go to the Gear icon at the upper right corner then select Products and Services.
  2. In the Product and Services window, click New.
  3. Click the product or service type and enter the new product or service information.
  4. Once completed, click Save and close.

 

You can use this article for the VAT code you want to apply: Common VAT Codes.

 

If you’re still not sure what VAT code to use, I suggest reaching out to your accountant for the best advice.

 

I’m adding an article if you’ll have to edit VAT codes and VAT rates in QuickBooks Online: Set up and edit VAT code, rate, and settings.

 

Let me know if you have any other questions. Take care.