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Master99
Jan 11, 2021 7:25 PM UTC
Question

Manual VAT when explaining transactions in the bank

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

5 replies

theopenbookva
theopenbookva
Jan 11, 2021 8:56 PM UTC

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. :-)

Master99Author
Jan 11, 2021 9:12 PM UTC

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
Jan 11, 2021 9:42 PM UTC

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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