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Lukelx
December 31, 2022
Question

Turning on vat

  • December 31, 2022
  • 1 reply
  • 0 views

Hi

my business is about to register for VAT for its next tax year. I have been using quickbooks for a couple of years and if i turn on VAT now, will it affect any previous transactions/invoices already in quickbooks? Or will it only take into account VAT on new invoices from the date i turned it on? 

1 reply

Daniela_A
Daniela_A
December 31, 2022

Thanks for posting your detailed concern, @Lukelx.

 

Allow me to chime in and share some information about turning on vat.

 

All of the transactions you've already entered in QBO, including the custom VAT codes, agency options, and others, won't alter. The new set of agency options and VAT codes will be set up for you instantly. This enables you to use these features going forward for any new transactions. 

 

Here's an article that will help you in handling taxes: Set up and use the VAT feature in QuickBooks Online.

 

If you have followed up questions concerning your VAT in QuickBooks, please keep me posted. I am more than happy to help. Have a great day.

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