EU Acquisitions

EasilyConfused · ‎April 07, 2020

So, we have just started a small business a few months ago, not the best timing as it would turn out. My problem is this, we have just imported some goods from Germany, we are UK based, and VAT registered. I have in my hand the invoice from the supplier, and I am at a complete loss. I have scoured the internet and cannot find a step by step tutorial anywhere that talks you through the process. I have added on my 20% ECG to my VAT options, and obviously my supplier details, then I hit a wall. I'm OK with UK invoices, payments etc, but need guidance with this please folks. TIA

Ashleigh1 · ‎April 07, 2020

Hello Easilyconfused,

Welcome to the Community page,

Can you just clarify what clear guidance you want? What is your end goal? What is the issue you are having?

paul72 · ‎April 16, 2020

Hi @EasilyConfused

It sounds like you've done the hard part(s).

Just enter the supplier's invoice into QBO via Enter Bill. The process here is exactly the same as for a UK supplier. Use 20.0% ECG VAT Code.

QBO will calculate both sides of the Reverse Charge so will show both +20% & -20% down at the bottom of the screen.

You don't mention whether you're on Standard or Flat Rate VAT Scheme or Cash/Accrual but I don't think it would change the process of entering a Bill.

Hope this helps.

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