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May 4, 2021
Solved

Not sure what to do with entering vat on qb from eBay sales if vat and fees have already come off when deposited into my bank daily?

  • May 4, 2021
  • 1 reply
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Best answer by Ashleigh1

Hello First4cables-gma, 

 

So if you have vat on the invoice receive the full amount on the invoice to undeposited funds> then create a bank deposit, selecting the invoice> adding the fee account to the account column of the 'add funds to this deposit' section, if there is vat on the fees then you will also have to add that on, enter amount as a minus, this will then show the net amount which you can then match to the amount that is received into your bank account.  

1 reply

May 6, 2021

Hi first4cables-gma What system are you using to account for the VAT?

May 6, 2021

Hi I’m using QuickBooks online 

Ashleigh1Answer
May 6, 2021

Hello First4cables-gma, 

 

So if you have vat on the invoice receive the full amount on the invoice to undeposited funds> then create a bank deposit, selecting the invoice> adding the fee account to the account column of the 'add funds to this deposit' section, if there is vat on the fees then you will also have to add that on, enter amount as a minus, this will then show the net amount which you can then match to the amount that is received into your bank account.