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ssc2020
Level 1

Add expense manually and declare tax (btw)

Hi there,

I would like to record expenses manually to Quickbooks and also add their respective VAT/BTW to the bill, so that I can see how much I have paid and claim this back.

 

When I try to enter an expense, I can only add the full amount. When I try to do it as a journal entry, I can't save it without putting both credit / debit in there which doesn't make sense to me.

 

Can anyone help and knows how this is correctly done in Quickbooks please?

Thanks!

 

Screenshot 2021-07-03 at 15.52.41.png Screenshot 2021-07-03 at 15.53.17.png

Solved
Best answer July 03, 2021

Accepted Solutions
Kristine Mae
Moderator

Add expense manually and declare tax (btw)

I appreciate the screenshots, Ssc2020. It helped me understand your concern more.

 

It looks like your default tax rate is No VAT. It can be the reason why you're unable to select a VAT code when you create an expense transaction.
 

Let me guide you on how we can change it:

  1. Click the Gear icon.
  2. Select Account and settings.
  3. Go to the Advanced tab.
  4. Click the Pencil icon in the Accounting section.
  5. In the Default tax rate selection section, select either Exclusive of Tax or Inclusive of Tax.
  6. Click Save, then Done.

Once done, you can create the expense transaction so you can declare the tax. 

 

If there's anything else that you need, don't hesitate to let us know. We'll be around to assist you. Take care!

View solution in original post

1 REPLY 1
Kristine Mae
Moderator

Add expense manually and declare tax (btw)

I appreciate the screenshots, Ssc2020. It helped me understand your concern more.

 

It looks like your default tax rate is No VAT. It can be the reason why you're unable to select a VAT code when you create an expense transaction.
 

Let me guide you on how we can change it:

  1. Click the Gear icon.
  2. Select Account and settings.
  3. Go to the Advanced tab.
  4. Click the Pencil icon in the Accounting section.
  5. In the Default tax rate selection section, select either Exclusive of Tax or Inclusive of Tax.
  6. Click Save, then Done.

Once done, you can create the expense transaction so you can declare the tax. 

 

If there's anything else that you need, don't hesitate to let us know. We'll be around to assist you. Take care!

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