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Create custom tax agency

SOLVEDby QuickBooks5Updated 1 year ago

To create custom tax agency, follow the steps below:

  1. Go to VAT.
  2. In Tax Centre, select Add tax.
  3. A panel slides out from the right. Here, select Custom tax.
  4. Enter the Tax name (For example. Excise Duty).
  5. Enter the Description.
  6. Tax agency name gets populated automatically based on the Tax name you've entered. You can change this if you wish.
  7. Enter the VAT Registration No.
  8. Select Start of current tax period from the dropdown.
  9. Select Filing frequency for this agency from the dropdown.
  10. Select Reporting method. Note: Usually it'll be Accrual. If in doubt, please consult with your accountant.
  11. Select the type of transactions this tax is applied to. Note: Usually, it'll be for both Sales and Purchase transactions.
  12. Enter the Sales rate or the Purchase rate depending upon the type of transaction selected.
  13. If the tax applied on purchases is reclaimable, select the box Purchase tax is reclaimable.
  14. Select Save.

In the Tax Centre, you can now see the new Tax agency you have just created.

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