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S
SWVC001
October 6, 2021
Question

do any used vehicle sales companys use quickbooks

  • October 6, 2021
  • 1 reply
  • 0 views

Trying to find out if any used vehicle dealers use quickbooks and if so how the handle the vat margin on the system.

1 reply

S
simonjude
January 2, 2022

we are currently looking at Quickbooks as a VAT compliant option for MTD in April 2022 and was wondering if you had any replies to your VAT margin scheme question as this accounting issue will affect the whole motor trade. Stock books along side a sales program is what we can see needs to be integrated. From what we can see there is no provision in Quickbooks to import/integrate the Sales/Stock book vat margin scheme program we currently use. Any suggestions welcome Many thanks Simonjude Hubers Garage

 

RenjolynC
RenjolynC
January 3, 2022

Thanks for chiming in on this thread, simonjude.

 

I'd like to add some info about your concern. 

 

The VAT margin scheme is currently not supported within QuickBooks Online. If you want to record the transaction, I recommend reaching out with your accountant for advice. They may be able to give journal entries to help you record the adjustments.

 

If you're not affiliated with one, you can visit our Intuit Find-A-ProAdvisor site to find certified professionals near you.

 

To learn more about VAT in QuickBooks Online, please feel free to read this article: Set up and edit VAT settings, codes and rates.

 

For any additional questions or need help with other task in your account, please let me know in your reply. I'm always around to help you out. Take care and stay safe.

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