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How do you enter 100% vat

We are charged 100% vat seperateley. How do you enter it

Best answer 02-06-2019 07:08 PM

Accepted Solutions
QuickBooks Team

Hi colinbecclesgas, Thank you for submitting your questio...

Hi colinbecclesgas,

Thank you for submitting your question. Smiley Happy

You can easily enter a VAT only transaction. To do this, click on the + sign and select the transaction type that you need.

One the first transaction, choose the account you want to use. For the rate, enter £1, and for the VAT code, select the 20% Standard code.

On the second line, select the same account. For the rate, enter -£1, and choose an Exempt code.

The total of the invoice will be 0. You can then edit the amount in the VAT box to whatever you need it to be.

Hope that helps!

IntuitAurore


9 REPLIES 9
QuickBooks Team

Hi colinbecclesgas, Thank you for submitting your questio...

Hi colinbecclesgas,

Thank you for submitting your question. Smiley Happy

You can easily enter a VAT only transaction. To do this, click on the + sign and select the transaction type that you need.

One the first transaction, choose the account you want to use. For the rate, enter £1, and for the VAT code, select the 20% Standard code.

On the second line, select the same account. For the rate, enter -£1, and choose an Exempt code.

The total of the invoice will be 0. You can then edit the amount in the VAT box to whatever you need it to be.

Hope that helps!

IntuitAurore


Active Member

Re: Hi colinbecclesgas, Thank you for submitting your questio...

Where is the + sign. I have inputted via bank and its a total VAT payment do i split the tranaction when reviewing

QuickBooks Team

Re: Hi colinbecclesgas, Thank you for submitting your questio...

Hello grant richards,

 

The '+' sign my colleague is referring to is the create icon in the top right hand corner of QuickBooks. If you follow the above instructions, you can then match the transaction via your bank feed.

 

Please let us know if you have any further questions.

 

Thank you,

 

Talia

Active Member

Re: Hi colinbecclesgas, Thank you for submitting your questio...

Hi,

 

I have been processing 100% VAT this way for a couple of years and manually adding the net value of the VAT onto box 7 of the VAT return otherwise box 7 is too low. How will it work with MTD as the box 7 figure is too low and I can't manually adjust it anymore?

 

Thank you!

QuickBooks Team

Re: Hi colinbecclesgas, Thank you for submitting your questio...

Hello JGDY,

 

You will still be able to adjust boxes when submitting through MTD. Is there a particular reason why you do need to adjust Box 7 after processing a 100% VAT transaction?

 

Thanks,

 

Talia

Experienced Member

Re: Hi colinbecclesgas, Thank you for submitting your questio...

Hi 

I have done this for a import VAT invoice but I want it to show in my VAT return so I can reclaim it. Why does it not show? 

Thanks

QuickBooks Team

Re: Hi colinbecclesgas, Thank you for submitting your questio...

Hello busytins16,

 

If you have followed the above instructions, it should show on your VAT return. Do you mean you imported the invoice in? You may need to create it manually.

 

Thanks,

 

Talia

Established Member

Re: Hi colinbecclesgas, Thank you for submitting your questio...

Hi, are you able to do 100% VAT on the sales side?

QuickBooks Team

Re: Hi colinbecclesgas, Thank you for submitting your questio...


Hello Janice,

 

You can, yes. It would be the same process but on an invoice.

 

Thanks,

 

Talia