If you're creating a transaction (invoice, credit note, expense, bill) and VAT is not available to you, this means that you need to set up your VAT before creating your transaction. Follow the steps below to get started:
- Go to Taxes.
- Select Set up VAT.
- Here you can select the beginning month of your VAT period as well as the frequency that you require your VAT to be filed. QuickBooks offers four filing frequencies:
- Next, set your VAT accounting scheme to either Cash or Standard (which is the same as accrual). This must match your accounting basis to realise the VAT income and expenditure on your VAT reporting.
- Enter your VAT registration number.
- Selecet the checkbox for Flat Rate Scheme (FRS), if your business is entitled to this.
- Select Save.
When you go back to creating your transaction, you'll find the VAT column ready for your use.