domestic reverse charge vat

EmmaM

many thanks for the quick reply 

the VAT codes still do not seem to show the Domestic reverse charge

My use of the phrase "pro-forma invoice" is probably misleading -- what i should probably have said is a TEMPLATE (pre formed document) for a DRC invoice with all correct VAT information shown

Do you have an answer on the Purchase Order TEMPLATE to show the correct DRC VAT information ?

hope that has clarified some points

kind regards

paul

Thanks for coming back for more support, @paul j2. As an additional insight, the VAT summary is only available in sales forms such as invoices and sales receipts but not on the purchase order. 

You can find the list of VAT codes for DRC in this article: Common VAT codes. 

For future reference, read through this article: VAT: domestic reverse charge for building and construction services. It has answers to most of your DRC questions. 

Let me know if you have additional concerns. I'd be happy to get back and help. 

Hi 

Will quickbooks be updating the sales invoices to show the RC CISVAT figure on Invoices and the note 'reverse charge applies '  as other software providers have built in to their programmes or is quick books expecting everyone to manually calculate and add info themselves ??? therefore slowbooks not quickbooks  :(

Hello Wendy-cann, thanks for posting on this thread, so at the moment when invoicing customer you have to enter somewhere on the invoice that the customer is responsible to account for the VAT. we haven't heard of anything  about having it as an option to enter text or have a specif field to enter the text but it might be something that comes out in the future. We would advise you leave feedback in the main cog-wheel about this .  

Hi Wendy,

We need drc (domestic reverse charge) vat to be shown on our purchase orders / bills and vat invoices.  This legislation comes into affect 1st July 2022 in South Africa.

Please advise

Hello, Avrile. 

Yes, you can show the VAT from your Purchase order/ bill and Invoice. We need to ensure that rates and codes are activated. 

Once the code has been selected and the transaction is saved, QuickBooks will automatically account for the reverse charge and the VAT will be reflected on your VAT return. 

Here's an article about this for more details: Set up and use VAT in QuickBooks Online. 

Let me also share this article for FAQ feature VAT in QBO: VAT Feature Update FAQ

Let me know if you need further help with setting up you VAT in QBO. I'll be here to help anytime. Take care!

I can not believe this functionality is still not available! it's not 18 months since this requirement became law

We're always looking for new ways to make QuickBooks more enjoyable to use, @janette4.

QuickBooks already supports the domestic reverse charge. However, you must manually enter a note on the invoice stating that the customer is responsible for accounting for VAT. This way, you can quickly determine in the reports. See the sample screenshots below for your reference: 

I understand how that feature would be beneficial and enable your business. With this, I'd recommend sending feedback to our product creators. Thus, they will notify and review your suggestions to consider adding them in future releases.

Proceed to:

1. Go to the Gear icon on the upper right hand. 
2. Select the Feedback button. 
3. Type your suggestions in the field and click Next. 

The company listens to its customer base, which is why many of the program's current features were suggestions from QuickBooks' users. The company wants to hear from you, too, so check out its website to vote on future ideas: Customer Feedback for QuickBooks.

Feel free to visit this article to know the domestic reverse frequently asked questions: VAT domestic reverse charge for building and construction services. 

Feel free to connect with me again if you have other questions or need help with anything in QuickBooks. I'm always here to help when you need further assistance. Be safe always. 

Hi

Just wondered if the automatic DRC note has been upgraded to an urgent issue in your roadmap and when it will be implemented

thanks

Janette

Hi janette4 We appreciate that it may be beneficial to have an automated note on invoices that contain DRC to inform the customer that they are responsible to account for the VAT however at the present time there are no plans to introduce this to the product. We will of course pass your valued feedback to our developers and we also encourage you to leave feedback from within the product.