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May 11, 2020
Question

I opened a VAT Agency account and applied 14 percentage to apply to sales only, i want that 14% to apply to purchases how can i activate that on the same account?

  • May 11, 2020
  • 1 reply
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1 reply

IamjuViel
May 11, 2020

Hello, @Vicky16.

 

You can set Vat on purchases on your Taxes page. Let time guide you how to do it.

  1. Go to the Taxes menu.
  2. Click the Edit VAT drop-down.
  3. Choose Edit rates.
  4. From the Action columns, click the Edit link.
  5. You'd see a pop-up window that will display the VAT details. It should show both sales and purchase rates. 

Once verified, let's run your Tax Liability report. It will display the total sales tax you've collected. Also, it will show the total amount you owe to tax agencies.

 

Here's how:

  1. Go to the Reports menu.
  2. Scroll down to the Sales Tax section.
  3. Select the Tax Liability report.
  4. Click the Net Amount corresponding to your VAT Purchases.
  5. You'd be routed to the Transactions report.
    • This displays all of your purchases were VAT is applied.

I've added these articles for you to learn more about the VAT features in QuickBooks:

Get back to us if you have other questions in managing your VAT taxes in QuickBooks. I'm always here to help.