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BigTee
March 31, 2019
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How can credit card transactions be amended to show vat?

  • March 31, 2019
  • 1 reply
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Hi.
I have uploaded credit card transactions which now show in the Expense Transactions area without VAT. I have activated VAT in the taxes section albeit after I imported the transactions. I have several hundred transactions so I need a bulk action solution to show VAT.
Thanks
Best answer by RaymondJayO

Hi.

Thanks for your help thus far but I've still not resolved the issue. I found the last paragraph of the last email to be somewhat confusing. The following is what I did. 

Accounting/Chart of Accounts.

Select account to amend i.e. "Purchase - Resale Items.

Select "Batch Edit" icon of a pen top right. (see image QB1a).

On new page that opens (see image QB2) select "Batch Actions" on left hand side.

From drop down menu I selected "Set Default VAT Code".

A small dialogue box appears and the VAT rate can be selected. Then save.

 

Having carried out the above I checked the transactions under "Purchase - Resale Items" but again the VAT is not shown for the transactions.

 

So back to square one; apart from amending the individual transactions is there away to bulk  amend the transactions so that the amount of VAT is calculated?

 

Thanks


Hello there, @BigTee, 

 

I appreciate you setting the default VAT code in the Chart of Accounts page to help reflect the VAT amounts on the expenses. 

 

I'll help ensure you're able to amend transactions in bulk so the VAT figures will be calculated. 

 

The second paragraph provided by my peer above refers to updating the VAT code for future transactions, not the previous ones. This maybe the reason you're unable to see the VAT for them. 

 

If you have an accountant that uses QuickBooks, I'd suggest checking with him/her since they have the ability to reclassify the transactions for past and future transactions. Please see the screenshot below about reclassifying the transactions. 

 

 

 

In case there's no accountant to consult with, I'd suggest deleting all credit card transactions and re-import them. For more information, here's a great article you can refer to: Add and Match Downloaded Banking Transactions.  

 

The options above will help you achieve your goal, @BigTee. 

 

I'm here anytime you have other online banking concerns. Have an awesome day!

1 reply

JessT
JessT
April 1, 2019

Hello BigTee!

 

The Batch Actions will be a perfect feature to assign VAT codes to your transactions in bulk.

 

Here's how:

  1. Select all transactions with the same VAT codes.
  2. Click on Batch Actions.
  3. Select Modify Selected.
  4. Choose the correct code in the VAT field.
  5. Click Apply.

That's it. I'd suggest you assign categories, payees, and other information as well to save time.

 

You can always visit us back here if you have other questions.

B
BigTeeAuthor
April 3, 2019

Hi.

I've tried to implement your answer and failed miserably to effect a solution.

 

In Banks and Cards I selected the relevant credit card, and then selected the "For Review" tab and noted that there is a "Batch Actions" drop down and an options to "Modify Selected". However there are no transactions to work on as I previously worked on the transactions, assigning categories, payees and set rules up for each supplier all of which I did before I set the tax settings.

 

I have looked under the "Reviewed" tab  however there is no "Batch" option on this tab.

 

I also looked at the "Expenses" page which lists all the relevant transactions; it includes a VAT column in which 99.9% of the transactions record VAT as £0.00. A couple of the most recent transaction show a value for VAT. There is a "Batch Actions" drop down but none of the options are "Modify Selected".

 

I have several hundred transactions that require modifying.

 

Please advise further.

Thanks

Tony

 

R
RaymondJayO
April 3, 2019

Thanks for getting back to us, @BigTee. 

 

Allow me to help you further about your credit card transactions. 

 

Yes, @JessT is right with the steps above about the Batch Actions feature. 

 

Just to verify, are those transactions under the For Review tab have the same payee, VAT, location, category, and class information? If so, you can use the Batch Actions feature. There are no transactions to work on since this feature will automatically apply the changes on the Modify Selected page. 

 

If not, you'll need to manually open each transaction under the For Review tab to assign their appropriate VAT codes and other information. 

 

Please see the screenshot below to show you the last two steps provided by my peer above. 

 

 

 

After you updated the information, you can choose Accept Selected under the Batch actions drop-down (see the screenshot below). By doing so, these will be moved into the Reviewed tab and are added to your register. This is the reason there's no "Batch Actions" option under the Reviewed tab. 

 

 

 

For your third concern, it's possible the transactions haven't assigned VAT codes since you've just activated VAT in the Taxes section after importing them. This maybe the reason your transactions have £0.00 under the VAT column (see the screenshot below). To help fix this, you'll need to manually open each transaction to update their VAT codes. For more information, please see this article: Common VAT Codes. 

 

 

 

To learn more about managing transactions, you can check out this helpful article: Assign, Categorise, Edit, and Add Your Downloaded Banking Transactions. 

 

This will get you in the right direction, @BigTee. You're always welcome to click the Reply button if you have other online banking concerns. I'll be around to help. 

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