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Ian1986
April 7, 2021
Question

transaction before VAT activation

  • April 7, 2021
  • 1 reply
  • 0 views

evening everyone.

im hoping somone can help.

ive just activated my VAT on QBO. I have transactions still to review in the banking area but these are from before my vat regustartion. each time i click a transaction to 'add', im asked to change its vat status. i presume everything before my vat regstaion is exempt and should be set to zero. is there a quicker way than going into each transation and settign VAT to zero?

thanks so much.

ian 

1 reply

Jen_D
Jen_D
April 8, 2021

Thanks for sharing your feedback regarding the VAT application on bank transactions, @Ian1986,

 

Adding VAT codes on a bank entry is essential in QuickBooks Online to properly track your taxes. This has to be done manually which is why you're getting alerts like "Please choose VAT for this transaction".

 

If you don't want to do it one at a time, you can use bank rules instead. This will help categorise bank entries automatically then add it to your register. To learn more about rules and how it functions, see this link here: Set up bank rules to categorise online banking transactions in QuickBooks Online

 

I'm also adding these related links about categorising online banking transactions:

 

 

Let me know if there's anything else I can do to help you. I'll be right here to lend you a hand. Have a nice day!

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