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James C1
January 24, 2024
Question

VAT Codes for Invoice Payments?

  • January 24, 2024
  • 1 reply
  • 0 views

Hello,

 

I wanted to clarify if bank deposits (invoice payments made by clients) should be VAT Exempt or No VAT?

As I've already charged the VAT on the invoice and they are just making the payment.

 

I know salaries etc are No VAT so wondered if it was the same.

1 reply

C
Carneil_C
January 24, 2024

Hi there, @James C1.

 

I'm here to address your concern about how VAT works in QuickBooks Online.

 

To ensure the accuracy of your books, I recommend seeking professional advice from your accountant to verify if your bank deposits are VAT exempt or No VAT. This way, you'll also be able to set up the VAT for your invoices accurately. If you're not affiliated with one, you can utilize our accountant to look for one in your area.

 

Also, I've added this reference if you'd like to see a list of VAT codes for your sales forms: VAT codes in QuickBooks Online: A complete guide.

 

Feel free to let me know if you have any other concerns about VAT. I'll ensure your queries are taken care of.

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