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NP2020
November 22, 2022
Question

VAT

  • November 22, 2022
  • 1 reply
  • 0 views

Hi 

 

The bookkeeper of my client has recorded a journal entry for the purchase of motor vehicle on HP. In posting the journal entry, 20% VAT rate is used for the cost of vehicle. The input VAT amount does appear on the VAT control account. However I am not sure if this will be picked up on the VAT return. Can anyone provide some guidance? Many thanks

1 reply

M
Mark_R
November 22, 2022

I'll share some information on how QuickBooks handles VAT, @NP2020.

 

When you use VAT rates for any of your transactions, such as journal entries, it'll be picked up on the VAT return. You'll just need to select the appropriate VAT account to appear on your VAT return. 

 

If you aren't sure what VAT account to select, I recommend seeking help from your accountant. They'll guide you on which account to use and record the purchase you've made correctly.

 

I'm adding these resources to learn more about VAT rates and how to file VAT returns:

 

 

Come back to this post if you need more information about this, @NP2020. I'll be around to provide further assistance.

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