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sinewman87
August 18, 2021
Question

How to enter Import VAT when flat rate registered

  • August 18, 2021
  • 1 reply
  • 0 views

Hello

 

How do I enter Fedex import charges correctly?

 

For example a typical invoice would be made up of mostly import VAT

 

e.g 

-Original Duty £5.71

-Original VAT £62.62

Sub total £68.33

 

I am Flat VAT VAT registered, so currently I just enter this full amount as an expense and cant claim it back (which i understand) however I also have "Savings by FRS" which I believe I should be offsetting with the VAT from imports

 

Please let me know if my understanding is correct, and if so, how I should be entering 

 

 

1 reply

DivinaMercy_N
DivinaMercy_N
August 18, 2021

Hello there, @sinewman87.

 

Making sure you can accurately record your transactions is my priority.

 

This may need customisation on your imported file. To help you and ensure everything will be entered correctly, I suggest reaching out to our Customer Care team. They use specific tools to pull up your account and guide you through the entire process. Here's how:

 

  1. Go to the Help menu.
  2. From the Assistant tab, enter a brief description of your concern. Example: How do I enter Fedex import charges correctly?
  3. Then, type Talk to a human.
  4. Select Yes, then Get help from a human.
  5. Choose either Start a Chat or Have us call you.

 

Our phone support operating hours are from Monday to Friday 8 AM to 10 PM, and on Saturday to Sunday 8 AM to 6 PM. For more info, please see our support hour's page.

 

Also, to learn more information about the Flat Rate Scheme, check out this link: Flat Rate Scheme (FRS) in QuickBooks Online.

 

In case you're now ready to submit a VAT return in QuickBooks Online, you can visit this article for the detailed steps: Submit a VAT return in QuickBooks Online. 

 

If ever you have other concerns about entering import VAT, feel free to post a reply below. I'll be always around to help. Have a good one. 

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