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Level 1

How do you enter 100% vat

We are charged 100% vat seperateley. How do you enter it

Solved
Best answer February 07, 2019

Accepted Solutions
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QuickBooks Team

How do you enter 100% vat

Hi colinbecclesgas,

Thank you for submitting your question. Smiley Happy

You can easily enter a VAT only transaction. To do this, click on the + sign and select the transaction type that you need.

One the first transaction, choose the account you want to use. For the rate, enter £1, and for the VAT code, select the 20% Standard code.

On the second line, select the same account. For the rate, enter -£1, and choose an Exempt code.

The total of the invoice will be 0. You can then edit the amount in the VAT box to whatever you need it to be.

Hope that helps!

IntuitAurore


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12 REPLIES 12
Highlighted
QuickBooks Team

How do you enter 100% vat

Hi colinbecclesgas,

Thank you for submitting your question. Smiley Happy

You can easily enter a VAT only transaction. To do this, click on the + sign and select the transaction type that you need.

One the first transaction, choose the account you want to use. For the rate, enter £1, and for the VAT code, select the 20% Standard code.

On the second line, select the same account. For the rate, enter -£1, and choose an Exempt code.

The total of the invoice will be 0. You can then edit the amount in the VAT box to whatever you need it to be.

Hope that helps!

IntuitAurore


View solution in original post

Highlighted
Level 1

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

Highlighted
QuickBooks Team

How do you enter 100% vat

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

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Level 1

How do you enter 100% vat

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!

Highlighted
QuickBooks Team

How do you enter 100% vat

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

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Level 1

How do you enter 100% vat

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

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QuickBooks Team

How do you enter 100% vat

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

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Level 1

How do you enter 100% vat

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

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QuickBooks Team

How do you enter 100% vat


Hello Janice,

 

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

 

Thanks,

 

Talia

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Level 1

How do you enter 100% vat

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?

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Moderator

How do you enter 100% vat

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:

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.

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Level 2

How do you enter 100% vat

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