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M
Master99
January 11, 2021
Question

Manual VAT when explaining transactions in the bank

  • January 11, 2021
  • 1 reply
  • 0 views

Hi,

 

I wonder if you can help me. I am trying to explain transactions in the quickbooks but VAT is charged only on few items and not all bill how i would enter VAT manually?

 

Thanks

1 reply

theopenbookva
theopenbookva
January 11, 2021

Hi Master99,

 

You can select ‘No VAT’ on the lines which have items on that do not need to have VAT added and then on the lines/products that you do want VAT added select ‘20% VAT’ for example. You can also set this up in your Products and Services list so that when you select the Product/Service when creating the bill it auto-fills the VAT box to No VAT or 20% VAT / whichever VAT code you’ve assigned to that Product or Service. 


Let me know if this helps. :-)

M
Master99Author
January 11, 2021

Hi, no i dont get it. So say i have the transaction coming out for £100 but i paid only £5 VAT as some of the items included in £100 was VAT Exempt. How i would record only £5 of VAT?

theopenbookva
theopenbookva
January 11, 2021

Hi Master99,

 

You’d create the bill and on one line have an item for £25, with 20% VAT applied to that line which will give you £5 VAT on the bill. For the other £75, you’d do this over a separate line or numerous separate lines and apply ‘No VAT’, therefore the total VAT on the invoice would be £5. 

It’s easier to break your bill down item by item and apply VAT to only the lines required. 

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