United States United Kingdom Australia Canada (English) Canada (French) France Singapore South Africa Global Ireland
cancel
Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for 
Search instead for 
Did you mean: 
Announcements
NEW Connect to DBS IDEAL direct bank feeds Click here
-wooddo-co-za
Level 1
posted
a week ago
last updated ‎August 07, 2024 5:59 AM

How to handle "DRC" vat in invoices?

We sell jewelry with gold in, gold supplied by 3rd party who gives us an invoice with normal vat for silver products and DRC vat on gold items.  our final client, normally jewellers needs a DRC amount to put on their VAT reports.
Reply Join the conversation
1 Comment 1
Heide DC
QuickBooks Team
QuickBooks Team
a week ago

How to handle "DRC" vat in invoices?

I can help you set up a Domestic Reverse Charge (DRC) in QuickBooks Online (QBO), Wooddo. Let's ensure that you're able to activate the new VAT codes.

 

In QuickBooks, it's important to add a DRC VAT code and choose the specific tax code when making an invoice. After adding the tax rate, it will be visible in the VAT rates section. Ensure that the rates and codes are activated.

 

Here's how:

 

  1. Go to the VAT menu.
  2. Click the Add tax button.
  3. Create the type of tax you want to add. 
  4. Enter in the necessary field.
  5. Click Save.

 

I've added a screenshot for your visual reference.

 

 

 

For more information, see this article: Create a new VAT code in QuickBooks Online.

 

Additionally, you can visit this article to learn how to record, adjust, and delete VAT payments in the tax center: Manage VAT payments in QuickBooks Online.

 

 You can click the Reply button if you have questions about managing VAT codes in your invoices. We'll be around to answer them for you.

Reply Join the conversation