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mattdavis12345
March 19, 2019
Question

Inputting standard and exempt VAT on the same expenses receipt

  • March 19, 2019
  • 1 reply
  • 0 views

Hi,

 

I'm new to Quickbooks so please be gentle! Many of my expenses receipts have standard and exempt VAT items on the same receipt- e.g. a receipt for hot and cold food at a service station. When I see these transactions on my bank feed it seems the only way to enter the correct VAT amount on QB is to split the transaction and enter the totals for VAT and non-VAT items separately. Problem with this is it's very time consuming- I have to manually work out the totals before VAT with a calculator. Not what i'd imagined when signing up to quickbooks!

 

Is there a quicker way of doing this? How do other people approach this? 

 

Thanks in advance.

 

Matt

1 reply

E
EmmaM
March 19, 2019

Hello Matt

 

Thanks for your question

 

Is this for QuickBooks Online?

 

If so are you entering a sales receipt for the items or are you adding the transaction from the bank feed only?If you are creating a sales receipt you can have separate lines with separate tax codes on them and then in the banking page it should create a match when the money appears in the bank.

 

The other option is yes when if you are just adding from the banking screen would be to split the transaction as it is a bulk amount the system can not memorise like it can with other transactions a default code.

 

Any questions or if you are using a different product let us  know

 

Kind regards

 

Emma

C
ChampionT
May 2, 2019

I have same question.

The previous response was talking about Sales ?  It's not sales it is expenses

JamesC
JamesC
May 2, 2019

Hey guys,

 

I'm hoping my advice can help speed things up for you.

 

If you have a receipt with differing amounts of VAT on it, we need to split the total amounts either before VAT, or after VAT - More-oft than not, in this case; you might want the purchases to go to different expense accounts, for example a petrol station could have two types of purchase on it, fuel and food (if you get a snack, like i often do) as an example.

 

Quickbooks presents the split tool with this functionality in mind. You can do this split from the banking page, or prior to the banking page, and Match to the transaction.

 

For the creation of an expense outside the banking page:

 

Click the Plus Icon in the top right hand corner, selecting Expense, and creating the transaction with the two lines like on the receipt.

 

Speeding the process up, and avoiding any manually calculated sums is done when you set the Tax Selection box on the right hand side to Exclusive of VAT, if the amounts are plus VAT on the receipt, or to Inclusive of VAT, if the amounts on the receipt are total incl VAT. You need to have this split already done either pro, or post VAT on the receipt to avoid manual sums.

 

Then, create the receipt as you see it, with the appropriate VAT code - providing the correct Tax Selection box is used it should be a very quick process to copy the information over - again, depending on how that information is shown.

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