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I'm trying to record the VAT and Duties paid during customs Clearance on an import from China. The amount was paid directly from the bank to HMRC FAS account.How I do it?

 
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Best answer 04-01-2019

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QuickBooks Team

Re: I'm trying to record the VAT and Duties paid during customs Clearance on an import from China...


Hi sguk

 

If this is VAT that you would like to claim back you will have to create a 100% VAT Expense.

 

Select the create button in the top right hand corner of the screen, under suppliers select expense, in the payee section create/select HMRC, in the payment account select the FAS account, enter the date the amount was debited from your account, in the amounts are box select Exclusive of Tax, in the category column select purchases or another expense account, in the amount column enter 0.01, in the VAT column select 20.0% S, on the next line use the same category as line 1, in the amount column enter -0.01, in the VAT column select Exempt, you will then be able to enter an amount in the VAT box, enter a description in either line if you wish and save and close.

 

 

View solution in original post

1 REPLY 1
Highlighted
QuickBooks Team

Re: I'm trying to record the VAT and Duties paid during customs Clearance on an import from China...


Hi sguk

 

If this is VAT that you would like to claim back you will have to create a 100% VAT Expense.

 

Select the create button in the top right hand corner of the screen, under suppliers select expense, in the payee section create/select HMRC, in the payment account select the FAS account, enter the date the amount was debited from your account, in the amounts are box select Exclusive of Tax, in the category column select purchases or another expense account, in the amount column enter 0.01, in the VAT column select 20.0% S, on the next line use the same category as line 1, in the amount column enter -0.01, in the VAT column select Exempt, you will then be able to enter an amount in the VAT box, enter a description in either line if you wish and save and close.

 

 

View solution in original post