I have a question regarding the EU import VAT in France that we have to pay now for our imported goods in France as we have not got our French VAT yet. According to our accountant we will be able to reclaim the French import VAT once we have got our French VAT. How do I record the French Import VAT element that can be recoverable later in QBO? Thank you
I appreciate adding more details about your concerns, silverliningmusic.
Quickbooks Online automatically creates a list of VAT codes once you set up VAT. You may visit the Common VAT Codes page to know more about the different VAT codes or rates.
To guide you in adding a reclaimed VAT on box 1 in the VAT return, I suggest consulting your accountant for guidance.
You can also check out this handy article that will serve as your reference in recording tax that you collect and pay: Getting Started.
Let me know if there's anything else you need to know about taxes in QBO. I'm always here to help. Take care.
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