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How can i put into my quick books the vat on an import from taiwan

 
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QuickBooks Team

How can i put into my quick books the vat on an import from taiwan

Hi johnsonsewingmac

 

If this is a 100% VAT transaction then:

 

Create an Expense > New+ > Expense > Ensure you enter the Payee, the account that the amount was debited from and the relevant date > on line one select the purchases account in the category column > select Exclusive of tax in the 'amounts are' field enter 0.01 in the amount column and elect 20%S in the VAT column > on line two in the category column select the same purchases account as line one > in the amount column enter -0.01 and select Exempt in the VAT column. You will then be able to enter the full amount of VAT in the VAT field located in the bottom right hand corner of the screen between subtotal and total.