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Oct 15, 2019 9:39 PM UTC
Question

When submitting invoice payment in to QuickBooks Do I ad in the vat as totalExample £1000 plus vat £1200

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1 reply

Oct 15, 2019 10:33 PM UTC

Hello, @alanmcnamara63.

 

Thanks for taking the time posting your concern here in the Community. I'm here to help share some information on submitting invoice payment with VAT. 

 

This transaction depends on how the items are charged. If the amount is exclusive of tax, it means the invoice that you're paying doesn't include VAT, so you have to pay the amount of £1,200.

 

However, if the amount is inclusive of tax, you should only pay £1,000 since the VAT is already included on your invoice total amount. 

 

To learn more about VAT, you can check this article: Set up and edit VAT settings, VAT codes and VAT rates. 

 

Don't hesitate to leave a comment below if you have additional questions about VAT. I'll be around to answer them for you.