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Expense with no VAT receipt

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Hello, I've just moved over from Sage to QuickBooks and am unsure what to do about purchases that have VAT but I can't claim it back as I haven't been given a VAT receipt. In Sage I used to enter the purchase as T1 (standard rate) but change the VAT to £0. Therefore it would go on the VAT return but I wouldn't claim anything back. I've searched online but couldn't find the answer - any help would be greatly appreciated! Many thanks

QuickBooks Online

paul72Answer

Hi @Richard145

Just use code Z=0% if you are not reclaiming the VAT on an invoice.

(enter the subtotal/expense as the 120% so that the bill/payment is the correct amount)

Hope this helps.

G

GeorgiaC

Hi lubratt, thanks for joining us on the Community!

Unfortunately, we're unable to advise on which specific tax codes to use, however, we do have a handy guide here with a full list of codes and their relevant postings against the VAT return which we hope will be of help. If you're still unsure after checking this, please contact your bookkeeper/accountant for advice. 🙂

R

Richard145

Hi. Did you ever work this out. I’ve been asking the same question but can’t seem to get a solution.