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Karen Don
Level 1
posted
‎October 12, 2020 05:01 PM
last updated ‎October 12, 2020 9:01 AM

Taxes option in banking

Hi, I'm new to Quickbook setting it up for a client. I set up the VAT raters etc and when I go to use banking there is an option to select a tax category. Why is this and will it effect my VAT records?

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Rasa-LilaM
QuickBooks Team
QuickBooks Team
‎October 12, 2020 06:12 PM

Taxes option in banking

Welcome to the Community, Karen Don.


In QuickBooks Online, all bank transactions need to have a tax code when you add them to the register. Make sure to select the correct category since it affects how the information is reported in the VAT return.olb vat.png Here’s an article that provides detailed information on how each rate is reported in the tax form: Common VAT Codes.


Additionally, these links contain instructions to help classify downloaded entries and common VAT processes.

 

Visit the Community again if you need help with QuickBooks. I’ll jump right back in to assist further. Have a great day ahead.

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