How do I record Postponed VAT? From importing goods from the EU.

Cornflakes · ‎January 21, 2021

I import goods from the EU. My customs agent has handed me an invoice for the clearance along with the "Postponed VAT" which I need to declare on my quarterly VAT return.

I have tried creating an expense by doing the following but I always receive the same error: "You must specify a transaction amount that is 0 or greater".

1. Create expense.

2. Type in the category and description.

3. Type in the value of the goods "X" (exc of VAT)

4. Apply tax code PVA 20%

5. Below type in -"X" (the value once again)

6. Apply 0% VAT on the -X

I hit save and close but am unable and I am presented with the error mentioned above.

Any help would be highly appreciated.

Many thanks,

Dan

Catherine_B · ‎January 22, 2021

Hello there, Dan.

When creating a transaction, you can enter negative amounts as long as the total amount will equate to zero or greater. You can review how the amounts are recorded and then try saving them.

If you get the same error though the total amount is equal to or greater than zero, a browser-related cache might have caused the unexpected behavior. We verify that by logging in to QuickBooks Online using a private browser and enter the expense again. To open one here's how:

Google Chrome: Ctrl + Shift + N
Mozilla Firefox: Ctrl + Shift + P
Safari: Command + Option + P

If you're able to save it, you can switch back to the regular browser and clear the cache so the system can start fresh. Alternatively, you can use other browsers to isolate these kinds of issues.

Feel free to use these articles that will help you manage vendor transactions:

Keep me posted on how this world. I'm just around the corner to help. Take care!

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How do I record Postponed VAT? From importing goods from the EU.

How do I record Postponed VAT? From importing goods from the EU.

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