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kimondor
Level 2

Taxable amount issue

Hello intuit members. Had last week raised a query about if its possible to set the Taxable amount to be same as Regular price. The responded email haven't solved my problem yet. The message read

 

"Hello back Intuit members. Am happy for your quick response behind tax issues. Have decided to make screenshots of what the actual problem is. We rarely deal with decimals either in cost prices, regular prices or sales totals. It can be easier if the system can be commanded to set total sales as VAT inclusive. So this example the sales total should be 300/= V.A.T Inclusive. V.A.T total should be 37/= and Vatable amount should be 263/= (But we only deal with 0 and 5 ending numbers) so 263 will be impractical. If the system can detect total sales amount as V.A.T Inclusive then it be calculating regular price/Vatable amount automatically (With decimals and other uncommon numbers) hope this will fully solve your query. Have no problem with odd numbers and decimals to remain in the system but the sales total printout to have 5 and 0 ending figures."

 

Have also attached manual receipt with V.A.T Slip. Kindly help Thanks.

1 Comment 1
ReyJohn_D
Moderator

Taxable amount issue

Thanks for the additional details, @kimondor.

 

The option to set the total sales as VAT inclusive with specific ending numbers isn't available in QuickBooks Online. Although, you can set a default tax rate so you don't need to change it whenever you create transactions like sales receipts. Here's how:

 

  1. Click the Gear icon in the upper-right corner and select Account and Settings.
  2. Choose the Advanced tab and go to the Accounting section.
  3. Select Inclusive of Tax in the Default tax rate selection field.
  4. Hit Save and then Done.

You may send a feedback to our product engineers letting them know about this. This way, they can consider adding this to our future product release. Then, you may visit our QuickBooks Blog site for the recent news and product enhancements.

 

Also, the Reports menu is a rich source of some VAT-related reports you can use. Just refer to the Manage VAT section and then choose a certain report that suits your needs. 

 

Let me know in the comment section if you have more questions about managing your VAT or any QuickBooks concerns you may have. I'll be here to help. Have a nice day.

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