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belindabot
Level 2

I need to reclaim HMRC customs, I have a invoice for VAT amount only, how can I enter onto QuickBooks, via a bill expense but recording the vat amount

 
Solved
Best answer May 10, 2020

Accepted Solutions
BettyJaneB
QuickBooks Team

I need to reclaim HMRC customs, I have a invoice for VAT amount only, how can I enter onto QuickBooks, via a bill expense but recording the vat amount

Hello there, @belindabot.

 

Allow me to provide you more details on how you can record your reclaim in QuickBooks Online by creating an expense.

 

You'll need to enter a positive and negative amount on the line item of your expenses to zero out the VAT. The first amount will contain a vat code, while the negative figure must be set up as NO VAT.

 

After that, you may manually key in the VAT amount in the sales tax field. This will create a 100% VAT transaction that will show in Box 4 on the VAT return.

 

Here's how:

  1. Click on the + New button and choose Expense.
  2. Either choose a payee or leave that box empty.
  3. On the first line of the expense choose any of your Expense accounts
  4. For the amount enter a pound (1) and choose 20% S as the VAT code.
  5. On the second line choose the same expense account.
  6. For the amount, enter a negative pound (-1) and choose NO VAT as the VAT code.
  7. The total of the expense will show as 0.
  8. Under the Subtotal box the VAT box will become editable.
  9. Enter the desired VAT amount into the VAT box and Save the expense.

For your future reference, I'm also adding here some links that you can check out to ensure that your return is correct and on how to submit them:

Let me know if you have any follow-ups on this or other questions with QuickBooks. I'm here to help. Wishing you well! 

 

 

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Accept as solution"

View solution in original post

5 REPLIES 5
MaryJoyD
QuickBooks Team

I need to reclaim HMRC customs, I have a invoice for VAT amount only, how can I enter onto QuickBooks, via a bill expense but recording the vat amount

I can show you how to enter this as a bill, @belindabot

 

Here’s how: 

  1. Go to the + New and choose Bill.
  2. Add all the necessary information. 
  3. Set the Amounts are as Exclusive of Tax.
  4. On the first line, select an account and set the VAT.
  5. On the second line, add the same amount and mark it as negative (-) with the VAT code Exempt.
  6. Select Save and close.

Check the following article: Enter and pay bills. Also, the following article on how to collect or pay value-added tax: VAT: Getting Started

 

Let me know if there's anything that you need or if you need further assistance. I'm always glad to help in any way I can. Have a wonderful day!

belindabot
Level 2

I need to reclaim HMRC customs, I have a invoice for VAT amount only, how can I enter onto QuickBooks, via a bill expense but recording the vat amount

I Much be doing something wrong I cant get this to work?

BettyJaneB
QuickBooks Team

I need to reclaim HMRC customs, I have a invoice for VAT amount only, how can I enter onto QuickBooks, via a bill expense but recording the vat amount

Hello there, @belindabot.

 

Allow me to provide you more details on how you can record your reclaim in QuickBooks Online by creating an expense.

 

You'll need to enter a positive and negative amount on the line item of your expenses to zero out the VAT. The first amount will contain a vat code, while the negative figure must be set up as NO VAT.

 

After that, you may manually key in the VAT amount in the sales tax field. This will create a 100% VAT transaction that will show in Box 4 on the VAT return.

 

Here's how:

  1. Click on the + New button and choose Expense.
  2. Either choose a payee or leave that box empty.
  3. On the first line of the expense choose any of your Expense accounts
  4. For the amount enter a pound (1) and choose 20% S as the VAT code.
  5. On the second line choose the same expense account.
  6. For the amount, enter a negative pound (-1) and choose NO VAT as the VAT code.
  7. The total of the expense will show as 0.
  8. Under the Subtotal box the VAT box will become editable.
  9. Enter the desired VAT amount into the VAT box and Save the expense.

For your future reference, I'm also adding here some links that you can check out to ensure that your return is correct and on how to submit them:

Let me know if you have any follow-ups on this or other questions with QuickBooks. I'm here to help. Wishing you well! 

 

 

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Accept as solution"

View solution in original post

Suziebbb
Level 1

I need to reclaim HMRC customs, I have a invoice for VAT amount only, how can I enter onto QuickBooks, via a bill expense but recording the vat amount

Hi,

 

I have used this method before and it worked perfectly but now all of a sudden it won't work and keeps saying

 

" Somethings not right. You must select an account for this transaction."

 
I have selected the account - tried changing it around but still no luck. Does anyone have any ideas?
 
Thank you
KlentB
QuickBooks Team

I need to reclaim HMRC customs, I have a invoice for VAT amount only, how can I enter onto QuickBooks, via a bill expense but recording the vat amount

I'll make sure that you can record your reclaim, Suziebbb.

 

I tried entering that type of transaction on my end and I was able to successfully save it. It could be that the accumulated cache and cookies in your browser are causing this error message. To rule this out, you can open your QBO account in a private or incognito window. Using this mode doesn't save your web searches and site data. Here are the shortcut keys:

 

  • Ctrl Shift for Google Chrome
  • Ctrl Shift for Firefox & Microsoft Edge
  • Command Shift for Safari

Once done, try creating the same transaction again. If it's now working well, go back to your regular browser and then clear its cache to delete the stored temporary internet files. You can also use other supported browsers

 

Additionally, I encourage visiting our FAQ page to learn more about how value-added tax works in QuickBooks Online.

 

Just tag me in the comment section if you need more help in handling your other transactions. Have a pleasant day ahead.

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