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hdilnot
Level 2

Import Journal Entries with VAT

Hi all,

 

Is it possible to either:

a) import journal entries with VAT accounted for or

b) reclassify multiple transactions from journal entries to account for the VAT?

 

Thanks,

Hayley

Solved
Best answer August 12, 2021

Accepted Solutions
Archie_B
QuickBooks Team

Import Journal Entries with VAT

Hi there, hdilnot.

 

I agree with what my colleague mentioned above, you'd be able to import those journal entries, but you won't be able to reclassify them for the VAT control accounts. What this means is that you can import the journal entry itself but you would have to add the VAT after import.

 

You can manually enter those journal entries in QuickBooks to add the VAT code.

 

I've also added this article for more information about importing journal entries in QuickBooks Online.

 

Let me know if you still have other questions about it. I'll be in touch. Have a wonderful week!

View solution in original post

5 REPLIES 5
Ashleigh1
QuickBooks Team

Import Journal Entries with VAT

Hello Hdilnot, 

 

Welcome to the Community page, 

 

You can import the journal entries into Quickbooks but you would not be able to reclassify anything that is in the VAT control accounts. 

hdilnot
Level 2

Import Journal Entries with VAT

I can't see an option to include the VAT element when importing the journals?

Archie_B
QuickBooks Team

Import Journal Entries with VAT

Hi there, hdilnot.

 

I agree with what my colleague mentioned above, you'd be able to import those journal entries, but you won't be able to reclassify them for the VAT control accounts. What this means is that you can import the journal entry itself but you would have to add the VAT after import.

 

You can manually enter those journal entries in QuickBooks to add the VAT code.

 

I've also added this article for more information about importing journal entries in QuickBooks Online.

 

Let me know if you still have other questions about it. I'll be in touch. Have a wonderful week!

GBou
Level 2

Import Journal Entries with VAT

why hasn't this been improved so that the VAT codes can be included in a journal import? it can be done with invoices, why not journals?

JamesDuanT
Moderator

Import Journal Entries with VAT

VAT is applied to nearly all goods and services in the UK and EU. Consequently, invoices utilise items to ensure accurate tracking of taxes, GBou.

 

Meanwhile, journals directly impact the accounts on your register. Thus, the VAT must be calculated manually, for which we recommend consulting your accountant. They are knowledgeable about the best and most accurate methods for tracking taxes.

 

You can send your feedback so our engineers can review and discuss it for product improvements. Here's how:

 

  1. Go to the Gear icon in the upper-right corner.
  2. Choose Feedback.
  3. Type in your product suggestions, then click Next to submit feedback.

 

When you're done setting up and tracking VAT, we can already record payments or make adjustments.

 

Keep us posted with your ideas or if you need additional assistance in managing your VAT.

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