How can credit card transactions be amended to show vat?

Hello BigTee!

The Batch Actions will be a perfect feature to assign VAT codes to your transactions in bulk.

Here's how:

1. Select all transactions with the same VAT codes.
2. Click on Batch Actions.
3. Select Modify Selected.
4. Choose the correct code in the VAT field.
5. Click Apply.

That's it. I'd suggest you assign categories, payees, and other information as well to save time.

You can always visit us back here if you have other questions.

Hi.

I've tried to implement your answer and failed miserably to effect a solution.

In Banks and Cards I selected the relevant credit card, and then selected the "For Review" tab and noted that there is a "Batch Actions" drop down and an options to "Modify Selected". However there are no transactions to work on as I previously worked on the transactions, assigning categories, payees and set rules up for each supplier all of which I did before I set the tax settings.

I have looked under the "Reviewed" tab  however there is no "Batch" option on this tab.

I also looked at the "Expenses" page which lists all the relevant transactions; it includes a VAT column in which 99.9% of the transactions record VAT as £0.00. A couple of the most recent transaction show a value for VAT. There is a "Batch Actions" drop down but none of the options are "Modify Selected".

I have several hundred transactions that require modifying.

Please advise further.

Thanks

Tony

Thanks for getting back to us, @BigTee. 

Allow me to help you further about your credit card transactions. 

Yes, @JessT is right with the steps above about the Batch Actions feature. 

Just to verify, are those transactions under the For Review tab have the same payee, VAT, location, category, and class information? If so, you can use the Batch Actions feature. There are no transactions to work on since this feature will automatically apply the changes on the Modify Selected page. 

If not, you'll need to manually open each transaction under the For Review tab to assign their appropriate VAT codes and other information. 

Please see the screenshot below to show you the last two steps provided by my peer above. 

After you updated the information, you can choose Accept Selected under the Batch actions drop-down (see the screenshot below). By doing so, these will be moved into the Reviewed tab and are added to your register. This is the reason there's no "Batch Actions" option under the Reviewed tab. 

For your third concern, it's possible the transactions haven't assigned VAT codes since you've just activated VAT in the Taxes section after importing them. This maybe the reason your transactions have £0.00 under the VAT column (see the screenshot below). To help fix this, you'll need to manually open each transaction to update their VAT codes. For more information, please see this article: Common VAT Codes. 

To learn more about managing transactions, you can check out this helpful article: Assign, Categorise, Edit, and Add Your Downloaded Banking Transactions. 

This will get you in the right direction, @BigTee. You're always welcome to click the Reply button if you have other online banking concerns. I'll be around to help. 

Hi.

There are three transactions under the REVIEW tab which are payments into the account and not subject of my query.

All the transactions I am referring to are under the REVIEWED tab as when I imported them I worked on them directly or a rule was applied and they were moved automatically.

The transactions are "Purchases - Resale Items" purchased from a handful of different suppliers in different geographical locations (if that's what you mean by location) .

As there are NO relevant transactions under the REVIEW tab I cannot use the BATCH ACTIONS feature.

Your solution I believe is to MANUALLY open each transaction and assign a VAT code.

I have 371 transactions across two credit cards which would take several hours to manually amend!

Would deleting all credit card transactions and re-importing them be an alternative solution?

Thanks

Hello

If they are already added to the QuickBooks  then yes it would be a case of manually changing in each one.

or

What you can do is set up default tax codes(by going to chart of accounts and hitting on edit by the chart of account itself on the drop down to the right of account history) on the expense categories that you are using before you undo them then they should auto put the Vat as a default and then you can add them in again then if you do not want those categories to default to the tax code going forward you can go to the chart of accounts again and take that of by hitting on edit on the drop down by the account history again

Any questions let us know

Thanks

Hi.

Thanks for your help thus far but I've still not resolved the issue. I found the last paragraph of the last email to be somewhat confusing. The following is what I did. 

Accounting/Chart of Accounts.

Select account to amend i.e. "Purchase - Resale Items.

Select "Batch Edit" icon of a pen top right. (see image QB1a).

On new page that opens (see image QB2) select "Batch Actions" on left hand side.

From drop down menu I selected "Set Default VAT Code".

A small dialogue box appears and the VAT rate can be selected. Then save.

Having carried out the above I checked the transactions under "Purchase - Resale Items" but again the VAT is not shown for the transactions.

So back to square one; apart from amending the individual transactions is there away to bulk  amend the transactions so that the amount of VAT is calculated?

Thanks