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kzu
March 10, 2022
Question

Self Employed using QB simple start - expenses

  • March 10, 2022
  • 1 reply
  • 0 views

Hi

I'm completely new to QB. 

I have a question regarding expenses, purchases, bills and recording of the VAT/tax amount. 

I'm not VAT registered yet but will have to do it soon and wanted to record the vat on my expenses. 

I'm using QB Simple Start, but after some research I came to conclusion that this version of the software might have this functionality blocked. When I go to account and settings and then to expenses section, I see two upgrade buttons and no options regarding tax/vat whatsoever as per attached screenshot. 

I try to understand why is that, is it because I'm not vat registered yet or is it because I need to upgrade to higher tier to be able to use such a basic functionality?

Could someone with similar experience, or with the knowledge of the matter explain it to me?

Many thanks

K.

 

1 reply

G
GeorgiaC
March 10, 2022

Hi kzu, thanks for joining the Community - the more questions the merrier 🙂

 

VAT is available on all of our online plans (Simple Start, Essentials, and Plus) but needs to be activated first by selecting the Taxes tab on the main left-hand navigation menu > enter applicable tax info. After this, you'll see a new field when entering transactions for 'Amounts are' with the option to set this to No VAT, Inclusive of VAT, or Exclusive of VAT. When set to inclusive or exclusive, a new column will then appear on the item line with a drop-down to select the applicable VAT code. Please note that once activated it is not possible to turn off VAT. 

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