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Level 2

Banking Feeds VAT codes

In the banking feeds transaction list, now and again when a payment matches a journal entry the standard VAT code is applied.  Most of the time the VAT code is blank which is correct as VAT is not relevant to the transaction. Pic attached. Please advise if this is just a glitch and if I accept the payment with the VAT whether the VAT account is affected.

 

3 REPLIES 3
QuickBooks Team

Banking Feeds VAT codes

Hi JBR80

 

Thanks for raising this to our attention here, when you open the journal entry to view this before matching, is there any VAT code assigned against the bank account line?

 

If you accepted this as is then the VAT would be applied to the income deposit.

 

Thank you!

Level 2

Banking Feeds VAT codes

There is no VAT code assigned in the journal entry. 

 

Given that this transaction is being matched and not added, will the VAT code have any affect?

QuickBooks Team

Banking Feeds VAT codes

Hello JBR80, 

 

Thanks for coming back to us, 

 

So if the journal has no VAT and you are matching then it will have no VAT on it. The 20% that is showing is if you are making a transaction and just adding it, then it would put it as the 20%, but if you are match it will just be whatever is on the original transaction.