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VAT Only / 100% VAT transaction
Recording a 100% VAT invoice can be a bit tricky in QuickBooks Online, but don't worry, we have a step-by-step guide on how to record it.
- Click on the + sign and choose Invoice.
- Choose customer
- On the first line of the Invoice choose any of your Product and service item
- For the amount enter a pound (1) and choose 20% S as the VAT code.
- On the second line choose the same Product and service item.
- For the amount, enter minus a pound (-1) and choose 0% VAT as the VAT code.
- The total of the expense will show as 0.
- Under the Subtotal box the VAT box will become editable.
- Enter the desired VAT amount into the VAT box and Save the invoice.
This will create a 100% VAT transaction that will show in Box 1 on the VAT return.