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mking_84
November 2, 2021
Solved

ACCOUNTING FOR VAT FROM ROYAL MAIL INVOICE WITH MIXED VAT RATES

  • November 2, 2021
  • 3 replies
  • 0 views

Hi - I'm new to Quickbooks and trying to work out how I should account for the VAT on a Royal Mail invoice where the services charged for are a mixture of zero rated, exempt and 20%. Therefore if I select just one option as prompted to do then it will apply the wrong VAT amount.

 

Thanks! 

Best answer by Halima Akhtar

Have you tried inputting the invoice as two separate lines with two different vat rates?

3 replies

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Halima AkhtarAnswer
November 2, 2021

Have you tried inputting the invoice as two separate lines with two different vat rates?

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    GeorgiaC
    November 2, 2021

    Hi mking_84, if entering directly from the banking screen, you can select the 'split' function to split the single transaction over multiple lines with the applicable VAT codes assigned to each. If entering manually, you can add lines to the transaction by selecting the 'add lines' button which again will allow you to enter multiple VAT codes. 🙂

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      BFSLtd
      November 7, 2021

      When putting the invoice/sales receipt on the system do it a one but put each vat type on a new line so if the invoice is for £100 but half is at 20%, 1/4 is at  5% & 1/4 is at 0% you would do one lines for each of the three adjusting the VAT rate for each line item. 

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