VAT
Recently active
Original commenter did not share additional details
A question regarding Standard / Default VAT in QBO for South African Users : When Vat increases in 1 May 2025 from 15% to 15,5% will this automatically be adjusted in QBO for all new invoices generated on 1 May and onwards or is there a manual intervention that will be required to make these changes?
i have printed a report, my sales is showinga nd not my cost of sales, how do i rectify this
xxxxxxxxxx
My cleints sell fresh Produce at Zero Rated Sales. The Company the handle the sales charge a commsion and pay the Nett amount to my client. The Cost deducted for the Sales price has VAT on it and should be handled as Input (Purchase VAT). If I create a product that is linked to a expense account I can book the costs as a negative on the invoice which handles the costs correctly. The VAT however now shows as a Negative Output VAT in the VAT form which is wrong. I need the VAT on the cost to show as INPUT VAT.
How do I calculate the amounts for my ITA14 and IRP6 tax returns?
I want to remove it permanently as quickbooks keeps wanting me to select out of scope although I have deactivated all taxes
How to do a cash sale?
What amount should i use for the adjustment in output vat on my return. I need to add to sales but not sure if i only use the amount that i need to add in the adjustment amount or should i use the new amount as a total output number?
HiI’ve been trading now for 10 months and using QBO during this time. I am now VAT registered. Can i just turn on the tax function and start using it from the date i became VAT registered? Or do i need to do something special/different to compartmentalise the pre-VAT period i was trading from the post-VAT period? I just don’t want to cause any problems with the system setup.Any guidance would be gratefully appreciated.
For example:Client sells R300,000.00 worth of cattle. Then there is commission deducted from the Auctioneer of R30,000.00Accounting wise I need to split this between income which is the R300,000.00 and Commission expense which is R30,000.00. Now what happens is I created a services item for the commission expense and it splits it perfectly between income and expense when I enter the commission amount with a negative value. But on the VAT report it is declaring the net amount of R270,000.00 so I am out with the R30,000, because it isn't splitting it on the VAT report between Input VAT and Output VAT
i have paid provisional tax for my company . how do i set up the correct account in the chart of accounts
I've recorded the payment for the VAT in the VAT side of QB and it reads Filed and Paid. But now I have the actual transaction sitting in my bank transactions and I have no idea how to clear it. Because you can't post to the VAT Payable account. And the Help files don't say anything about this part of the transaction.
