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JohnHollyoak
Level 2

Courier Invoices on Imports

We buy goods from Spain, Italy, China & USA. Invoices are supplied with no vat. We then get an invoice from the courier showing the vat plus various handling/import fees. I can post the fees but cannot work out how I deal with the vat. I believe I have to treat it as a business expense (freight charges) with zero vat. I then do the PVA adjustment at the end of every month? Can anybody clarify please?

Thanks is anticipation

John

Solved
Best answer July 21, 2021

Accepted Solutions
JohnHollyoak
Level 2

Courier Invoices on Imports

Thanks anyway. I have already tried the accountants. There must be quite a few users who have to cope with PVA, just hoping that one would see the posting.

View solution in original post

5 REPLIES 5
JohnHollyoak
Level 2

Courier Invoices on Imports

Is there nobody out there who can help?

EmmaM
QuickBooks Team

Courier Invoices on Imports

Hello John, W, Could you give us an example of where this is happening with figures and we'll go through options with you?

JohnHollyoak
Level 2

Courier Invoices on Imports

Hi Emma

Thanks for getting in touch. I have done some more studying and think I may have found the answer but it would be great to check that I am doing it correctly.

Let’s assume we import from China, an item worth £1000. We pay the Chinese company £1000.00 in dollars or yen, no VAT, no problems.

We then get an invoice from the courier charging various duties/taxes (no problem posting these) plus they charge the £200.00 vat which would have been on the Chinese invoice. I believe that I should post the vat figure as an expense (with no vat). Assuming this is the only import transaction at the end of the month/quarter and it agrees to the C79, I post an expense from the C79 by debiting £1000.00 plus PVA vat and then crediting the £1000.00 zero vat (this adjustment is detailed in Aaron Patrick’s video on youtube).

Is that how you see it?

Regards

John

GeorgiaC
QuickBooks Team

Courier Invoices on Imports

Hi John, thanks for your reply - unfortunately this falls further into the realm of accountancy than we're able to assist with and we'd be unable to advise - to make sure your transactions are accurately recorded, we'd recommend reaching out to your bookkeeper or accountant if you're unsure on this, we apologise for the inconvenience. 🙇‍♀️

JohnHollyoak
Level 2

Courier Invoices on Imports

Thanks anyway. I have already tried the accountants. There must be quite a few users who have to cope with PVA, just hoping that one would see the posting.

View solution in original post

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