VAT on shop sales

atki · ‎February 10, 2019

Hi. I have a newsagents and am moving my accounting online from the start of the next financial year. I have figured out how to put in the expenses with the correct VAT rates of 20% and 0% but I would like to know how do I do this on my sales. We will not be using quickbooks to track inventory items in the shop and will just be entering the total daily sales into quickbooks at 20% S VAT rate. How does it work out the 0% S VAT sales or is there something I am doing wrong? Any help would greatly be appreciated, thanks.

GeorgiaC · ‎October 03, 2019

Hi JaneB1,

To do this you would create a sales receipt set put with the details below:

1) Go to the + icon > sales receipt

2) Enter the transactions details (customer, date, payment account)

3) On the first line, enter the product/service (clothes) and enter the amount of sales and the 0.0% VAT code

4) On the second line, enter the product/service and for the remaining sales amount and the 20% S VAT code

Thanks!

View solution in original post

RenjolynC · ‎February 11, 2019

Hi atki,

You'll want to set up a Non-stock item and make it taxable by following these steps:

Click the Gear icon located in the upper right-hand corner.
Under List, click Product and Services.
Click New, and select Non-stock.
Enter the item information.
Click Save and Close.

Once done, you can start recording sales transactions such as Invoices or Sales Receipts. Then, select the Product/Service and choose the correct tax from the VAT column.

Feel free to reach out if you have any other questions about QuickBooks. Thanks.

atki · ‎February 11, 2019

Thanks for the reply but as I stated I know how to input the sales but I'm "not" tracking what I sell which is 0% and 20%. When I was doing the VAT books previously I used to input the 0% sales figures when entering the expense receipt and deduct this off the sales before working out the VAT.

EmmaM · ‎February 11, 2019

Hi

If you would like to record sales at 0% you will select the 0% VAT code on your line item. This will record the sales as a net amount in Box6.

^John C

JaneB1 · ‎October 03, 2019

I think i need to know the same as you, my mum has a baby shop so the sales on clothes are 0% but sales on other items are 20% on the Z till receipt it shows how much vat has been charged but only on a small percent of items. So, i was wondering do we do 2 lines for the daily sales, 1 at 20% and 1 at 0%?

Any help would be greatly appreciated

GeorgiaC · ‎October 03, 2019

Hi JaneB1,

To do this you would create a sales receipt set put with the details below:

1) Go to the + icon > sales receipt

2) Enter the transactions details (customer, date, payment account)

3) On the first line, enter the product/service (clothes) and enter the amount of sales and the 0.0% VAT code

4) On the second line, enter the product/service and for the remaining sales amount and the 20% S VAT code

Thanks!

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