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November 13, 2019
Question

How do I set up a new QB account for VAT?

  • November 13, 2019
  • 1 reply
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1 reply

MaryLurleenM
November 13, 2019

Are you trying to set up VAT in QuickBooks, 001howb?

 

QuickBooks Online automatically creates the account for tax liabilities. You can follow the steps below to set up VAT:

  1. Select Taxes on the left pane.
  2. Click Set up VAT button.
  3. Select the beginning month of your VAT period. Then, select your filing frequency.
  4. Select your VAT accounting scheme. Select from Standard or Cash.
  5. Enter your VAT registration number.
  6. Tick the checkbox for Flat Rate Scheme (FRS).
  7. Click Save.

The VAT codes will now be automatically set up. You also have an option to add your tax rate and edit the VAT settings. You can learn more about that on this article: Set up and edit VAT settings, VAT codes and VAT rates.

 

You can always go back to this thread if you've got additional questions about VAT in QuickBooks. I'll be happy to share them with you.