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I have three transactions I need to enter in QuickBooks desktop version:
1: Invoice for cloud back up service from a US company for £120
2: Invoice for malware protection software downloads from France for £80
3 Payment received as commission from a French Company for other companies buying their software from my recommendation for £40
I understand that I have to include some form of VAT entry(ies) for HMRC purposes on some or all of the above, but I haven't come across any straightforward explanations or worked examples of what entries or appropriate VAT codes needed anywhere. Any help would be appreciated.
Regards
Mick
Solved! Go to Solution.
Welcome to the Community, @mick_univ_1. I appreciate you laying out the details of your concerns. Rest assured, I'm here to assist you with your queries one at a time.
To enter those invoices in foreign currency, we can utilize the Multicurrency feature in QuickBooks Desktop. This way, it allows you to assign a specific currency to a profile or an account. Please know that it can no longer be turned off once enabled.
Before proceeding, ensure to o create a backup company file. Once ready, here's how you can turn on Multicurrency:
From there, we can now enter those transactions with a foreign currency. For more details about adding foreign currency to transactions, please refer to this article: Set up and use Multicurrency.
Also, with regards to the entries or the appropriate VAT codes that are needed, I recommend consulting your accountant to ensure the accuracy of your accounts. If you're not affiliated with one, you can utilize our Find an Accountant tool to look for one in your area.
In addition, I've got these helpful resources that may come in handy if you’ll want to pull up some reports that can give you a snapshot of your business and personalise them to modify the information according to your needs:
Please let me know if you need clarification about multicurrency and VAT in QBDT. I'll be standing by for your response. Have a great day, and stay safe.
Welcome to the Community, @mick_univ_1. I appreciate you laying out the details of your concerns. Rest assured, I'm here to assist you with your queries one at a time.
To enter those invoices in foreign currency, we can utilize the Multicurrency feature in QuickBooks Desktop. This way, it allows you to assign a specific currency to a profile or an account. Please know that it can no longer be turned off once enabled.
Before proceeding, ensure to o create a backup company file. Once ready, here's how you can turn on Multicurrency:
From there, we can now enter those transactions with a foreign currency. For more details about adding foreign currency to transactions, please refer to this article: Set up and use Multicurrency.
Also, with regards to the entries or the appropriate VAT codes that are needed, I recommend consulting your accountant to ensure the accuracy of your accounts. If you're not affiliated with one, you can utilize our Find an Accountant tool to look for one in your area.
In addition, I've got these helpful resources that may come in handy if you’ll want to pull up some reports that can give you a snapshot of your business and personalise them to modify the information according to your needs:
Please let me know if you need clarification about multicurrency and VAT in QBDT. I'll be standing by for your response. Have a great day, and stay safe.
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