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Best answer July 03, 2023
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You're always welcome here with the VAT category concern, @BridgesJnr. I'll walk you through the steps of setting up so you can select it when splitting bank transactions.
You'll need to set up the 100% VAT from the Taxes section to select it when categorising transactions on the Banking page. Please know that VAT rates will show according to Tax Agency and Sales or Purchases field you specify. To proceed, follow the steps below:
- On the left pane, select Taxes.
- Press VAT, then click Add Tax.
- Determine what type of tax you want.
- Enter the necessary information on each field.
- Tap Save.
I'm adding some screenshots for reference:
See this article to learn more about adding VAT and its calculation: Set up and edit VAT settings, codes, and rates in QuickBooks Online.
Feel free to check out these resources for more tips about matching and reconciling transactions in the program:
- Categorise and match online bank transactions in QuickBooks Online
- Reconcile an account in QuickBooks Online
This should help you select the 100% VAT rate on the banking page. If you need more help managing bank transactions, add a comment below. I'll be here to help you.
Hello BridgesJnr,
Welcome aboard to the Community. I'm here to help you split a transaction to separate income and the VAT in QuickBooks Online.
For an income transaction downloaded in bank feeds, you can split the payment and categorize to separate the VAT. Choose the correct accounts and VAT option to ensure your book is accurate.
Here's how:
- On the left navigation bar, click Banking.
- Choose your bank account.
- Go to the For review tab.
- Select the payment.
- Choose Categorise.
- Press Split.
- Separate the income and the VAT.
- Enter the necessary information.
- Hit Apply and accept.
Occasionally, you may match the wrong transactions or make incorrect categorizations in Banking. I've attached a link you can visit for additional guidance on how to undo added bank data: Unmatch downloaded bank transactions or move them to another account.
Let us know if you still have more questions or concerns about splitting a payment by leaving a reply. We'll be sure to get back to you. Take care, and have a great rest of the day.
You're always welcome here with the VAT category concern, @BridgesJnr. I'll walk you through the steps of setting up so you can select it when splitting bank transactions.
You'll need to set up the 100% VAT from the Taxes section to select it when categorising transactions on the Banking page. Please know that VAT rates will show according to Tax Agency and Sales or Purchases field you specify. To proceed, follow the steps below:
- On the left pane, select Taxes.
- Press VAT, then click Add Tax.
- Determine what type of tax you want.
- Enter the necessary information on each field.
- Tap Save.
I'm adding some screenshots for reference:
See this article to learn more about adding VAT and its calculation: Set up and edit VAT settings, codes, and rates in QuickBooks Online.
Feel free to check out these resources for more tips about matching and reconciling transactions in the program:
- Categorise and match online bank transactions in QuickBooks Online
- Reconcile an account in QuickBooks Online
This should help you select the 100% VAT rate on the banking page. If you need more help managing bank transactions, add a comment below. I'll be here to help you.
