VAT EU IOSS

CH721 · ‎August 31, 2022

We need to account for VAT that is reported under the EU IOSS VAT agency in our ledgers. We are currently using Desktop and have a solution on that software but need to migrate to QBO. So I would like to know how other users of QBO account for the EU IOSS VAT in their ledgers.

Just to clarify the VAT is collected on sales to EU customers (we sell online via our own website) and we need to report the net amount in our HMRC UK VAT return as zero rated and account for the VAT collected in our ledger (this is submitted offline via a third party).

We currently have a VAT Agency set up in Desktop and it works really well but I have not been able to replicate this in the QBO Test company.

Thank you

Ashleigh1 · ‎August 31, 2022

Hello CH721,

Welcome to the Community page,

We would advise you speak to a trained and qualified accountant who will be able to support and guide you on the correct way of entering this into your account.

CH721 · ‎September 01, 2022

I am a trained accountant and I can't find a way to record the transactions in QBO - please advise. Desktop support were able to advise a solution but so far nobody on QBO support has been able to. Hence reaching out to the Community to see how others account for these transactions. We can't be the only company using QBO that needs to record IOSS VAT transactions. I'm guessing others just do journals but I was hoping we could replicate how we do it in Desktop.

Thank you

GeorgiaC · ‎September 01, 2022

Hi CH721, we don't have a standard procedure for recording IOSS VAT QuickBooks; we'd recommend reaching out to a bookkeeper or accountant for best practice in recording this - alternately, we welcome any feedback from users below who have experience with this. If you don't already have an accountant, you can find a QuickBooks certified advisor near you here. :)

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