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UKMaster
May 28, 2021
Solved

0% VAT Codes Switching

  • May 28, 2021
  • 1 reply
  • 0 views

Hi

 

I have received money in my bank (a rebate) that I want to deposit into a liabilities account within QBO. I select "No VAT (0% Purchases) and Add it.

 

When I look at the "Bank Deposit" within the Chart of Accounts the VAT code is "No VAT (0% Sales)".

 

If I add it as "No VAT (0% Sales) the bank deposit switches it to purchases.

 

Can someone please explain?

 

Thanks

 

Nick

Best answer by JessT

Hi UKMaster,

 

This could be a result of too much data in your browser's cache. Let’s do the browser troubleshooting steps to see if this is the cause.

 

Please switch to a private browser and sign in to QBO. For Chrome, press Ctrl + Shift + N. For MS Edge and Firefox, press Ctrl + Shift + P. For Safari, press Command + Shift + N. This step disables the extensions and stops the cache from saving your browsing history.

 

If the correct tax code reflects this time, you can go back to your regular browser and clear its cache. If not, please try other browsers to see if this only happens to the one you are using.

 

If the issue persists, please contact our QBO Support Team. That way, they can start a screen-sharing session to check this further.

 

On the other hand, you can also check about reconciling an account in QBO and submitting VAT returns for your references in the future.

 

I am only here if you need more help with your transactions. I just wanted to make sure the tax codes show up correctly to avoid issues with your returns.

1 reply

L
LeizylM
May 28, 2021

Hello again, Samanvaya.


It’s my priority that you can add the VAT code and use your QuickBooks smoothly.

 

You can select the No VAT (0% Purchases) code for your expenses and No VAT (0% Sales) on for your interest transactions.

 

In QuickBooks Online, all bank transactions will need to have a code when you add them to your books. You will not mess your VAT returns as long as you choose the right codes.

 

Make sure to review the setup through the VAT Centre so you 'll have accurate information when you need to file them.

 

Here are the steps:

 

  1. On the left panel, click Taxes.
  2. Go to the VAT tab.
  3. Click Edit VAT.
  4. Select Edit settings or Edit rates.

You can check out this article for more details: Flat Rate Scheme (FRS) in QuickBooks Online.

 

I'm linking an article with additional information on this, such as editing the VAT settings: Set up and edit VAT settings, VAT codes and VAT rates.

 

That should do it. Tag me if you have further questions about the report. I'll get them answered for you.

 

 

U
UKMasterAuthor
May 29, 2021

Hi, thanks for the reply but that doesn't address my question.

 

I select "No VAT (Sales)" and add the banking transaction to my chart of accounts. However, when I look at what's been posted it saves it as "No VAT (Purchases)".

 

The same happens if I saved it as "No VAT (Purchases)" in the chart of accounts it's saved as "No VAT (Sales)".

JessT
JessTAnswer
May 29, 2021

Hi UKMaster,

 

This could be a result of too much data in your browser's cache. Let’s do the browser troubleshooting steps to see if this is the cause.

 

Please switch to a private browser and sign in to QBO. For Chrome, press Ctrl + Shift + N. For MS Edge and Firefox, press Ctrl + Shift + P. For Safari, press Command + Shift + N. This step disables the extensions and stops the cache from saving your browsing history.

 

If the correct tax code reflects this time, you can go back to your regular browser and clear its cache. If not, please try other browsers to see if this only happens to the one you are using.

 

If the issue persists, please contact our QBO Support Team. That way, they can start a screen-sharing session to check this further.

 

On the other hand, you can also check about reconciling an account in QBO and submitting VAT returns for your references in the future.

 

I am only here if you need more help with your transactions. I just wanted to make sure the tax codes show up correctly to avoid issues with your returns.

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