How do you enter 100% vat

Where is the + sign. I have inputted via bank and its a total VAT payment do i split the tranaction when reviewing

Hello grant richards,

The '+' sign my colleague is referring to is the create icon in the top right hand corner of QuickBooks. If you follow the above instructions, you can then match the transaction via your bank feed.

Please let us know if you have any further questions.

Thank you,

Talia

Hi,

I have been processing 100% VAT this way for a couple of years and manually adding the net value of the VAT onto box 7 of the VAT return otherwise box 7 is too low. How will it work with MTD as the box 7 figure is too low and I can't manually adjust it anymore?

Thank you!

Hello JGDY,

You will still be able to adjust boxes when submitting through MTD. Is there a particular reason why you do need to adjust Box 7 after processing a 100% VAT transaction?

Thanks,

Talia

Hi 

I have done this for a import VAT invoice but I want it to show in my VAT return so I can reclaim it. Why does it not show? 

Thanks

Hello busytins16,

If you have followed the above instructions, it should show on your VAT return. Do you mean you imported the invoice in? You may need to create it manually.

Thanks,

Talia

Hi, are you able to do 100% VAT on the sales side?

Hello Janice,

You can, yes. It would be the same process but on an invoice.

Thanks,

Talia

This is not a suitable solution to what is a basic everyday transaction type for 1000's of businesses, xero have a 'vat on imports' tax rate which makes this a breeze, there is no excuse for not having the same is there?

Thanks for reaching out in the Community and joining the thread, loz1020.

If you'd wish to do VAT only transaction, I'd recommend reaching out to our Customer Care support. They have the necessary tools to help you with the setup.

To contact them, here's how:

1. Click this link https://help.quickbooks.intuit.com/en_GB/contact.
2. Choose the QuickBooks Product.
3. On the Contact Us page, select a topic.
4. Click on Start a Message button to connect to support.

For future reference, I'm attaching some articles that you may find helpful:

• VAT: Getting started
• How do I know that my VAT return is correct?
• What's the VAT Detail Report?
• VAT 100 Report

As always, you're welcome to come back to me if you have any other questions. I'd be more than happy to further assist.

Thanks for this reply - really helpful.  I've been really struggling to do this!

Why don't you just upgrade your system to add a VAT on import function? QBO is super inconvenience compare to XERO.  Especially we have a courier account (UPS), the import VAT and duties were always combined with hundred of shipping charges, credit notes and admin charges. There is no way that I can do this from the EXPENSE page as the payment has already taken (Direct Debit) from our bank account.

This method doesn’t work as it doesn’t even show as an expense in the profit and loss account. The category you assign it to just comes up as £0.00

HI teamjim The reason that the expense doesn't appear on your P&L is due to VAT being a liability not and expense, only expense and income accounts appear on the P&L.

and yet all the other items I have purchased that include VAT are in the P&L?

- So let me get this straight, you purchase an item that includes VAT and it goes in the P&L.

- You purchase an item from the the EU/US where VAT is paid separately...and suddenly the VAT isn't classed as an expense - or practically, I now can't use the P&L in QuickBooks as an accurate guide as to what to put as my expenses in my tax return - all because of this daft way of inputting it

For what its worth, this method doesn't even work for the VAT report. Just tried it and clicking on the value in box 7 I can see this transaction coming up as '0.01', not the £74.91 VAT value the transaction come to.

Quite pathetic that this isn't even tested

Hi teamjim Lets say you create an expense for 1000 excluding vat and use a VAT code of 20%s therefore the total due is 1200. If you then view this transaction on your P&L the amount would show as 1000 as this is the actual expense and the 200 is a liability/posting to the control account and doesn't get reflected on the P&L. In this instance you're purely accounting for VAT that you're reclaiming and therefore it's posting to the VAT control account (a liability account) and the amount posts to box 4 of the return. Due to the method used the transaction will post 0.00 to the P&L, you'll see that it posts a positive and then a negative amount/net affect 0.00.

right in that case, Quickbooks is even more useless than I thought.

Is there not a way that I can get the profit and loss account to display my *actual* profit, and loss (ie figures I can input into my tax return?)

Lets say I buy this item for £1000 (£1200 inc vat) - I want to be able to put £1200 on my tax return as an expense. If this item is showing up as £1000 on the profit and loss, as well as many other items that for some reason haven't included vat, I can't use this as a way of quickly finding out my expenses for inputting into my tax form?

Hi teamjim, VAT is a liability to the business and is never accounted for on the P&L, the PL will show expenses net of VAT. VAT accounts will be reflected on the balance sheet and VAT reports.

right. Was this the case before I setup VAT? I actually used a fake number number just to see how the whole system worked as preparation for VAT registering. But now I have only just noticed that VAT in items does not show up in the P&L

Assuming this has always been the case, VAT being put in this separate account, what now is the best way to find out my actual expenses for inputting into my TAX return (the includes VAT on expenses). Seems like with all the reports etc it should be very easy to just find this figure ("expenses inc vat")

Hi teamjim, this has always been the case and is standard in accounting practice - the VAT will automatically post to the relevant box on the VAT return for transactions with a VAT code applied and so the VAT due will be automatically calculated for you. If you're looking to view exclusively expenses with VAT, try the accounts payable (A/P) ageing detail or summary reports. :)

the accounts payable (A/P) ageing detail doesn't have expenses on it - it tells me information about what has been paid to me, not expenses

I find it astonishing that I pay hundreds of £ a year for accounting software that can't even tell me what my total expenses are inc vat?! 

I am used to seeing my total income, total expenses, total capital allowances etc on my own spreadsheets - I know exactly what info I need to fill out my tax return.

It seems this software is incapable of doing the simplest of things

This is so inconvenient and convoluted.

We are an import business and we pay tens of thousands of pounds in VAT/duty per quarter. I need to be able to reclaim that back and balance against the VAT we collect on our purchases. I don't want to mess around with 'foolling' the system and inputting 'false' numbers and then somehow having it all come out right.

If another accounting system has VAT invoices as a standard transaction input, I'll look into uploading all our financial data to them from QB. Ridiculous.

I have to agree.....this fooling the system is no good......the inputs are directly entered into our quickbooks system from the bank.....I need a system where I can go into that entry, split it and apportion the correct VAT percentage.

I thought I had sussed out a good way of doing this by going into Taxes....Edit Taxes.... and then creating a 100% tax bracket.  The new bracket appears on your tax options in the  'Edit Taxes' place and once you have clicked edit next to the 100% tax option and then go back to your entry from your bank in QB, you can choose 100% Tax option in the VAT dropdown!!  Yay......then when you check it in your accounts QB only applies 50% VAT to the sum you have entered.  Why?

This really needs to be sorted out for importers.....it's unworkable to keep trying to fool the system

Malcolm