Hello, I've just moved over from Sage to QuickBooks and am unsure what to do about purchases that have VAT but I can't claim it back as I haven't been given a VAT receipt. In Sage I used to enter the purchase as T1 (standard rate) but change the VAT to £0. Therefore it would go on the VAT return but I wouldn't claim anything back. I've searched online but couldn't find the answer - any help would be greatly appreciated! Many thanks
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Hi @Richard145
Just use code Z=0% if you are not reclaiming the VAT on an invoice.
(enter the subtotal/expense as the 120% so that the bill/payment is the correct amount)
Hope this helps.
Hi lubratt, thanks for joining us on the Community!
Unfortunately, we're unable to advise on which specific tax codes to use, however, we do have a handy guide here with a full list of codes and their relevant postings against the VAT return which we hope will be of help. If you're still unsure after checking this, please contact your bookkeeper/accountant for advice. :)
Hi. Did you ever work this out. I’ve been asking the same question but can’t seem to get a solution.
Hi @Richard145
Just use code Z=0% if you are not reclaiming the VAT on an invoice.
(enter the subtotal/expense as the 120% so that the bill/payment is the correct amount)
Hope this helps.
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