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harpurs
Level 1

Commercial rent received is Exempt supply (there is no Option to Tax). HMRC states enter in Box 6. Posting thus in QuickBooks by journal does not reflect in Box 6. Why?

Posted as journal DR Bank (selected NO VAT) and CR Rental Income (selected Exempt Sales VAT Rate)
Solved
Best answer September 06, 2021

Accepted Solutions
RoscoPC
Level 4

Commercial rent received is Exempt supply (there is no Option to Tax). HMRC states enter in Box 6. Posting thus in QuickBooks by journal does not reflect in Box 6. Why?

Hi Harpurs, 

 

in the Journal entry there should be a VAT box, with a dropdown. the Dropdown should contain an Exempt (0% Sales) option. I believe this comes as standard out of the box functionality. Choose that and then continue and save the entry.  

 

If the tax is not there then go to the Taxes option, which shows accrued VAT and then top right use the "Add Tax" button. this will allow you to add the tax and then this should appear in your list to apply in the journal.

 

If not press the refresh button, the circle with arrows, and then try again,.

 

Hope this helps.

 

RoscoPc

 

View solution in original post

2 REPLIES 2
Ashleigh1
QuickBooks Team

Commercial rent received is Exempt supply (there is no Option to Tax). HMRC states enter in Box 6. Posting thus in QuickBooks by journal does not reflect in Box 6. Why?

Hello Harpurs, 

 

Welcome to the Community page, 

 

So that should show in box 6, you have selected exempt sales on there, the no VAT is for the bank which is correct. You may have custom codes, and might need to activate the default ones, or need a refresh so that it shows for you. If you still have any issues please let us know. 

RoscoPC
Level 4

Commercial rent received is Exempt supply (there is no Option to Tax). HMRC states enter in Box 6. Posting thus in QuickBooks by journal does not reflect in Box 6. Why?

Hi Harpurs, 

 

in the Journal entry there should be a VAT box, with a dropdown. the Dropdown should contain an Exempt (0% Sales) option. I believe this comes as standard out of the box functionality. Choose that and then continue and save the entry.  

 

If the tax is not there then go to the Taxes option, which shows accrued VAT and then top right use the "Add Tax" button. this will allow you to add the tax and then this should appear in your list to apply in the journal.

 

If not press the refresh button, the circle with arrows, and then try again,.

 

Hope this helps.

 

RoscoPc

 

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