Congratulations on your new job, Tracy. Yes, and it's crucial to understand when to apply the correct VAT code in order to maintain accurate and compliant VAT returns. We're here to share additional insights about it.
QuickBooks Online (QBO) automatically creates a list of VAT codes once you set up VAT. To learn more about when VAT does and doesn't apply, you can check out this article: Understanding VAT codes in QuickBooks. It also includes details on the common VAT codes and rates.
To ensure the accuracy of your VAT report, I suggest consulting your accountant to guide you in selecting the correct codes. If you don't have one, visit our Find an Accountant page to find accounting professionals.
Additionally, check out this handy article that will serve as your future reference in recording the tax that you collect and pay: Getting started with VAT in QuickBooks.
Let us know if there's anything else you need to know about taxes in QBO, Tracy. The Community team is always here to assist you.
