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sophie-menon-pmk
Dec 28, 2021 8:24 AM UTC
Question

Why is the VAT on Expenses I'm creating not showing in the VAT control account? Can I not offset VAT on expenses?

I've paid VAT on legitimate business expenses and recorded them in QB as Expenses with the appropriate VAT rate. But they're not showing in the VAT control report like other supplier invoices and bills would. Do I need to recreate them all as Bills? Thanks in advance for you help.

1 reply

DebSheenD
Dec 28, 2021 9:56 AM UTC

Welcome to the Community, sophie-menon-pmk.

I have some information to sort this out. 

You'll need to review the transaction entered on your VAT Control account. Next, when your run a report, ensure to filter the correct dates and transactions.


All liability accounts like the VAT Control will reflect on the Balance Sheet report since they are current liability accounts. If you're unsure of the information, you click the amounts below the Total column to expand the details.

 

Here's how:

 

  1. On the left panel, click Reports.
  2. Open Balance Sheet.
  3. Click the amount.
     

I'm also adding this article to guide you further in managing your taxes in QBO: Tax for QuickBooks Online.

Leave a comment below if you have any other questions about taxes. I want to make sure everything is taken care of for you. I'll be here to help. Have a great day!

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