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August 8, 2022
Question

Vat Rates

  • August 8, 2022
  • 1 reply
  • 0 views

Having transferred from the FRV scheme to Standard Vat, I am attempting to get to grips with Quickbooks online vat.

I have bank charges and rewards to post, but these are exempt and neither a sale nor purchase.

QB has automatically set the vat codes as either a sale or purchase, and I can not add a new code without selecting sales or purchase.

Can anyone advise

Many thanks

1 reply

August 8, 2022

Hello JD01234, 

 

Welcome to the Community page, 

 

So in QuickBooks you have to say whether it is a sales or purchase as this determines which box they appear in on the return, you cannot do it without selecting one of the options.