VAT
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HiI am very new to QBO and am just getting going. I am a sole trader and VAT registered. I pay for most of my materials from my personal bank account and don't reimburse myself, nor do i want to.If I record purchases for my business that i have paid for personally, I think I do it via Accounting/Chart of Accounts/ Owners Investment (Equity). How do I ensure that the VAT part of the amount is shown/included in my VAT record?Also I have uploaded the receipt for purchase in Transactions/Receipts. How do I attach this to the investment? I can only see a method of attaching a file from my computer not a receipt already uploaded to QBO.
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We use QuickBooks online. We have our bank account synced. Can I organize from my bank account charges or would I need to enter a bill to attach the charge to?
My marketing van was totaled in an accident and I had it classified under a fixed asset (van was paid for in full). Initially was bought for $35,018.37 and I need to write it off on my balance sheet. Next I received an insurance payment for $41,069.82 about a month later. Thank you.
A UK company supplying a service in the UK to a customer whose business address is in Poland. Both companies are VAT registered. Is the Invoice VATable?
I can see the VAT breakdown summary for all the standard 20% VAT transactions but I also want to see the 64.00 net amount VAT on the VAT summary at the bottom of my invoice
Hi, My client has recently signed up to Quickbooks as he has become vat registered. I need to put in a pre-registration claim but other answers have involved creating the vat return to pick up past data, as it is a new QB account there is no past data. Is it possible to do a journal or adjustment to increase the amount of VAT claimed back? If not, how do I deal with this, the amounts have been filed with HMRC in last years accounts, vat registration falls in line with the first day of a new financial year. Please help deadline looming!
We run a multi outlet marketplace, payments are all collated by a single source then we get a payment on a weekly basis as a lump sum (for us then to pay each outlet separately). This single source, takes a commission and this is already taken off the payment that's sent to us, how do we record this in quickbooks?
i need help regarding manage VAT problem. once i make refresh first time it shows 0 amounts. and once i do refresh again so it will show different amount.
Hi, I wonder if someone can please clarify what VAT code I should be using when setting up the onesaas intuit app to integrate my Amazon sales in Quickbooks online? I am a UK based VAT registered company who's sales are mostly in the UK so is it just the standard 20% code? I may be being completely stupid but I have read so many posts and blogs etc none of which make it super clear. Some clarification would be great! Hopefully thanks in advance!
VAT Surcharge transactions are unmatched on my transactions list. These surcharges were separate from my VAT return which had been recorded.I cannot record the VAT surcharge payment and thus I cannot match the transactions.
I'm trying to set up the Bill forwarding email feature to reduce manual inputting of supplier invoices / bills. Lots of our supplier invoices have split VAT rates, (20% on Adults Clothing, 0% on Childrens Clothing).The Bill forwarding email feature doesn't appear to pick up on this and simply pulls out the Gross total and works backwards to calculate a VAT figure, meaning VAT is charged on the whole invoice. There are some things you can tweak on the "review" page, but it doesn't offer a split transaction with different VAT rates. As far I can see, the only work-around is to confirm the selected invoice "as is" and then manually find said invoice under the chosen supplier and edit it that way to add the split. Has anyone else experienced this? Or is there a better way of doing it? Thanks in advanceJoe
I am new to Quickbooks Online UK. I'm trying to submit some overdue VAT Returns. I managed to submit the first successfully last week. Now when I try it takes me to a message which says "Update your VAT accounting periods" Take Action. It also shows an exclamation mark & Take Action next to the return itself. The only action it allows is to view a summary. If I click on the Take Action it shows HMRC date as 29 and QB as 30. What, where, how the heck do I change or update accounting periods as it is telling me to do? HELP! Quickbooks is frying my brain & testing my sanity. Thanks 😥
HelloI'm helping a friend get quickbooks set up 2 years after company set up and to get their VAT situation sorted. It's a very simple company set up and i have sorted most but getting stuck on VAT. They didn't initially submit VAT returns so have made 7 payments of estimated VAT charges as requested by HMRC - these are appearing on the bank transactions but i'm not sure how to categorise them as if i put them as a "Taxes Paid" expense they then appear in the P&L as a cost line item which doesn't seem correct. Please can you advise? I've then registered for making tax digital and i'm getting a "take action" box top right. This brings up the 2022 VAT return which i need to mark as filed BUT i can see it's clearly wrong. I believe they submitted it offline pre quick books. I think i need to adjust this before i file it but if i adjust Box 1 to reflect the true input VAT for that period i don't know which "Adjustment Account" to select? Likewise for Box 4, 6 and 7. I know th
My Quickbooks account shows it is connected to MTD but I cannot see VAT info for the past year?
I input some stock incorrectly now I cannot correct it without it showing as stock shrinkage. My physical stock count is now less than what is showing on QB - how can I rectify this?
We as a business have used QuickBooks for the past 8 years. We have always had a UK VAT Registration but now are in the process of obtaining a French VAT registration. Am i correct to think that to manage this additional tax, i just need to 'Add a tax agency' and a 'tax' to the QuickBooks and create the relevant VAT rates? The return itself will be filed via Avalara so i really just need a holdings space for the taxes which i believe this will bring me. The point that i am confused is that every time i generate a FRENCH sales invoice with FRENCH VAT - I still get a breakdown of GBP VAT on the bottom of the invoice. Even though this VAT will be EUR? Does my plan sound possible to you experienced QuickBooks users? Many thanks in advance
Hi,I am going VAT reg in April, I have recurring invoices and one off invoices and invoices not yet paid issued before vat registration plus unpaid invoices will exist without vat.How do I avoid vat being calculated on these invoices on cross over to being vat registered? Will I end up paying vat on invoices that were issued without vat. I am cash accounting for self assesment and planned to be on vat. Thanks
Hi, I have an invoice from a debt collection agency and not sure how to put on quick books so I can claim the VAT back. The issue is that the company put the amount they are charging on the invoice but deduct it from the money they have recovered and so the amount due is zero. I have tried putting it on as VAT only but it doesn't balance or tries to put the VAT on as amount due and then shows that we owe the VAT to the company which we don't. Can I enter it as a journal? Any help would be appreciated as its driving me crazy!
When adding VAT flat rate, Quickbooks mentions following line: "If this is your first year on flat rate VAT you may be entitled to a 1% discount rate. " Does Quickbooks takes account of discount on its own because we give the date of registration in the next field? Or do we have to give discounted rate and then increase it with 1% after one year
I would normally invoice one amount so am confused if I can invoice partly for vat expenses or not?
