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Community Explorer **

Creating An Income Account

I have (via Lists) created a series of Expense Accounts, all of which allowed me to input the VAT Code. When creating Income Accounts, the VAT Code box is not available. Clearly I am doing something wrong. How do I assign a VAT Code to these income accounts? Many thanks in anticipation of much needed assistance

3 REPLIES 3
QuickBooks Team

Re: Creating An Income Account

Hello there, @sisters69.

 

I can guide you on how to create an income account and assign VAT codes on you transactions.

 

To add an account, here's how:

  1. Go to the Lists menu.
  2. Choose Chart of Accounts.
  3. At the bottom, select Account drop-down then choose New.
  4. Select the Account Type then Continue.
  5. Enter the name and an optional account number.
  6. Click Save & Close.

On the other hand, default Vat Codes are set up during your initial set up of the company and its type. From edit preferences you can turn on or off the tracking of vat and the defaults are loaded. You can refer to this article for more detailed information: Set up sales tax in QuickBooks Desktop.

 

Feel free to visit us here in the Community if you have other concerns. I'm just a few clicks away.

Community Explorer **

Re: Creating An Income Account

Thanks for the response. I am doing as you suggested, but still get no VAT Code box. I have checked my VAT Set-Up, and it looks fine. The article referenced was not applicable as I am based in the UK. Many thanks for taking the time; much appreciated

Moderator

Re: Creating An Income Account

Hi @sisters69 we're holding a VAT clinic where we can help you with this questions here: https://quickbooks.intuit.com/learn-support/en-us/making-tax-digital/mtd-vat-drop-in-clinic/01/34673...