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nicolakennedybss
Level 2

Is it possible to add a VAT amount to expenses? e.g. I'm trying to enter business cards as an expense in my bank a/c but I don't seem to be able to reg the VAT value

 
2 Comments 2
ReymondO
QuickBooks Team

Is it possible to add a VAT amount to expenses? e.g. I'm trying to enter business cards as an expense in my bank a/c but I don't seem to be able to reg the VAT value

Yes, it's possible to add a VAT amount in the expense transactions, @nicolakennedybss.

 

First, let's make sure you've set up your tax in QBO. Here's how:
 

  1. Go to Taxes.
  2. Select Add Tax.
  3. Modify the information and click Save.

Once done, you can now add VAT to your expense transactions. Let's simply follow these steps:

 

  1. Create an expense transaction.
  2. Once you're on  the page, click the Amount are drop-down arrow.
  3. Select either Exclusive of Tax or Inclusive of Tax.
  4. Enter the Tax amount under the TAX column.
  5. Click Save.

You can also run VAT related reports in QBO. Here are those:

  • VAT 201 Calculation Report
  • VAT Detail Report
  • VAT Exception Report

You can comment below if you need further assistance in running your business with QuickBooks. I'll be there to help.

Rustler
Level 15

Is it possible to add a VAT amount to expenses? e.g. I'm trying to enter business cards as an expense in my bank a/c but I don't seem to be able to reg the VAT value

You have to be subscribed to a NON- US version to have VAT - are you?

 

if not you need to cancel the US version subscription and go here

https://quickbooks.intuit.com/choose-country/

 

You can not take your US data with you as far as I know

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