Hi, we are a construction company and urgently need to know when there will be a code for Domestic Reverse Charge VAT. We use Quickbooks Desktop and need to set everything up before 1st March. I cannot see why it is taking so long, you say in previous messages that it will be ready for QBO but not sure for desktop, this does not seem loyal to all of desktops users who pay to use your services each month. How are we going to complete VAT Returns and keep accounts correct without this VAT Code?
This does not help. In other words if I am a building company quickbooks is not updating VAT Codes for Domestic Reverse Charge VAT, is that what you are stating. If so how do I manually create VAT Codes and correctly complete a VAT Return.???
Hello Choicie, You can create your own codes within the lists section of Desktop, you can use this article as a guide(it is for the Brexit codes but the screenshots of where to go are the same. Any questions at all let us know😊
Zero have it all set up and calculates and amends for you -- why is quickbooks so slow! We have been with QB for 20 years - were unable to transfer our file over to online due to its size - so are now running 2 quickbooks systems - one now without any automation of reverse VAT
Please can you confirm on the guide that for Sales Items it is 0.00% (not 20%) Also for the Purchases you state -20% in instructions but it shows -0.00% in diagram. Just need to get this correct for our system.
Thanks for replying but still needs confirming.
If Sales is correct at 0% as per your instructions? When I create an invoice in the VAT summary box it states the rate as CRS@0.0% - is this correct? Then we need to state somewhere on invoice - Reverse Charge @ 20% applied and customer needs to account for the VAT
Hello Trish222, Thanks for your reply to the thread we apologise your previous post was missed. We have created an article with a guide on how to create the codes in the product for domestic reverse charge as well as an FAQ guide available here
Yes I know as I had followed the guide and was asking questions!
The answer I received wasn't very clear. When the instructions for Purchase Standard Items says put in -20% but the diagram clearly shows 0.00% (I am assuming -20% was correct?)
Also when you raise an invoice the VAT Rate says CRS@0% - is this correct? Then we just have to clearly state on invoice that this is subject to the reverse charge and customer to account for the VAT due?
Hello Trish222, yes it should show 20 percent that image has been requested to be updated. Yes then you would need to clearly note on that on the invoice. It will show on the name as CRS .What we can do if you call our desktop care team on 08081682535 we can make sure the code shows as it should.
Hi I'm using QB desktop and I have followed the instructions for the new vat code etc. Acting as a contractor, I have tried inputting a trial subcontractors supplier bill, but it is only showing the vat as a minus, which in turn makes the transaction out of balance. The vat is also only showing up in box 1. What am I doing wrong!!!
Did you get an answer to this anomolie ? Purchase invoices appear incorrect - as noted above for test £100 purchase invoice - enter amount to be paid £100 - once RC VAT code applied VAT appears as minus £25 not £20
Hi all - rather than us all ringing the helpdesk I have listed below the changes to the VAT code you need to make to ensure the Purchase invoices reports correctly on your VAT return
VAT code - must be set up for Vat items for purchase (in drop down list) to the GROUP not purchase ITEM - this will then calculate the VAT correctly and enter in box 1 and 4 of the return
Hi I saw your query regarding the amount of VAT was wrong £25 not £20, did you get this sorted as I had the same problem?
Many thanks in advance.