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billydkc
Level 1

I need to enter a 100% VAT rate onto a split transaction?

Hello,

 

I have a transaction which has needs to be split into 4 separate charges as the VAT charge is only for 1 part of the transaction.

 

Part 1 - 40

Part 2 - 9.50

Part 3 - 0.49

VAT - 1.90

 

The total charge is £51.89

 

By inputting the 3 charges it says I am 1.90m out, which is the VAT part, so I need to be able to add a 100% VAT charge for it.

 

How do I enter the VAT charge separately on the split transaction? I have followed the guides to create a custom VAT charge but I can't get it to actually appear where i need it to. It is active and I'm not sure where I'm going wrong.

 

I get a lot of invoices structured this way so surely there is a more intuitive method to inputting these transatcions?\

 

Cheers.

 

Solved
Best answer February 02, 2021

Accepted Solutions
GeorgiaC
QuickBooks Team

I need to enter a 100% VAT rate onto a split transaction?

Hi billydkc, 

 

Thanks for joining us here on the Community, you can enter the 100% VAT using two lines on the bill.

 

First, you'll need to set the VAT 'Amounts are' to 'Exclusive of VAT', and then on the next available transaction line, choose the account you want to use (this can be any expense account as the net impact will be 0). For the rate, enter £0.01, and for the VAT code, select the 20% Standard code. On the line below this, select the same account, for the rate, enter -£0.01, and choose the Exempt VAT.

 

After this, scroll to the subtotal - the total of the invoice will be 0 - you can then edit the amount in the VAT box to input the amount you need - this will post to box 4 of the return.

 

Please get back to us below if you have any Q's!

View solution in original post

2 REPLIES 2
billydkc
Level 1

I need to enter a 100% VAT rate onto a split transaction?

Here is a screenshot of the Transaction.

GeorgiaC
QuickBooks Team

I need to enter a 100% VAT rate onto a split transaction?

Hi billydkc, 

 

Thanks for joining us here on the Community, you can enter the 100% VAT using two lines on the bill.

 

First, you'll need to set the VAT 'Amounts are' to 'Exclusive of VAT', and then on the next available transaction line, choose the account you want to use (this can be any expense account as the net impact will be 0). For the rate, enter £0.01, and for the VAT code, select the 20% Standard code. On the line below this, select the same account, for the rate, enter -£0.01, and choose the Exempt VAT.

 

After this, scroll to the subtotal - the total of the invoice will be 0 - you can then edit the amount in the VAT box to input the amount you need - this will post to box 4 of the return.

 

Please get back to us below if you have any Q's!

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