HELLO I WANT TO CREATE SALES TAX MANUALLY AS QUICKBOOKS DOES NOT SHOW % OF TAX IN AMOUNT FOR EACH TAX ITEM SEPERATELY I.E I CANT ADD A NEW FIELD COLUMN.
Now please listen:
1. i created a Tax liability account and linked it to sub ledger (VAT Control).
2. I linked my sales income account to that Tax liability account created manually (ST20%) so that all sales tax related transaction go there.
3. when i open my Tax liability report I see this amount on that report.
Now for Purchases:
1. I created a non stock inventory account as suggested by you.
2. i have to linked it with a purchase account as it wont let me save it without it.
3. While making entries I see it is taking this account as an item or quantity and not as tax liability as done in Invoices.
PLEASE PROVIDE SOLUTION FOR THIS SO THAT I CAN BE SATISFIED FROM BOTH END AND CAN MANUALLY ENTER THE % IN AMOUNT SO THAT I CAN GIVE THAT TO MY CUSTOMERS AND SUPPLIERS. FOR PURCHASES AND BILLS I AM FACING THIS ISSUE.
It's not possible to have an item amount post directly to the VAT Control/VAT return. The VAT Control account is a default account in QuickBooks used for tracking transactions with a VAT code which have not yet been filed. As it's not currently possible to display the individual VAT % as an amount per line, we'd advise entering this in the description field of the invoice.
If you are looking for an alternate solution to this we would advise speaking to an accounting professional as this is something we would be unable to advise on.