When you create a new account in the Chart of Accounts, you can choose No VAT as an option since the business account that you'll add only hold the funds. However, I would recommend consulting your accountant to ensure your books are accurate, and all accounts are posted with the correct VAT. If you're not affiliated with one, you can visit our Intuit Find-A-ProAdvisor site to find certified professionals near you.
Once done, you can now add them to your Chart of Accounts (COA) in QuickBooks Desktop (QBDT). Let me show you how.
Go to the Lists menu, and then choose Chart of Accounts.
Click the Account drop-down ▼, and then select New.
You can choose the Equity account since we're dealing with the opening balances, and then click Continue to confirm.
Enter an Account Name, Description, etc. You can also assign a sub-account for the parent account.
Click the Enter Opening Balance button, and then type an opening balance amount. Then, select a date for this opening balance.
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