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SuperglassNottingham
July 28, 2023
Question

Directors Loan - VAT

  • July 28, 2023
  • 2 replies
  • 0 views

Hi 

I am very new to quickbooks and have a small issue - right at the start.

I have several Director's Loans that I need to add into the accounts, however QB is asking me to put the correct VAT code against each amount.

If I put a sales code, the amount shows in my sales report, which I do not want.

The amounts are not purchases so I have ignored those codes.

 

Any advice please.

2 replies

A
Ashleigh1
July 28, 2023

Hello Superglassnottingham, thanks for post on the Community page, here is an article you can look at to help with regards to the vat codes, we would advise if you are still unsure what to put it against then please reach out and speak to a trained and qualified accountant who will be able to assist you more with this as we are just technical support and not trained accountants. 

paul72
paul72
July 28, 2023

Hi @SuperglassNottingham 

Anything that you want to keep off the VAT Return (such as loans/repayments) should be entered with the NoVAT code.

 

Hope this helps.

S
SuperglassNottinghamAuthor
July 28, 2023

Hi paul72

Thanks for the advice

Just to explain - when adding the deposit to the account, it asks for a VAT code.

Which is either sales or purchase. sales codes add the transaction to your sales total - which I do not want.

I am not sure if this is the correct way - but I have given the transaction a 0% sales code and added the amount to the account. I have then gone back into the transaction and recoded as No Vat. This seems to be the only way that I can see. Would you agree, or am I missing something?

Graham

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