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meegank
Level 1
posted
‎November 01, 2022 01:02 AM
last updated ‎November 01, 2022 1:02 AM

VAT - Bi Monthly

Hi, 

I am setting up the vat for one of my companies. Filing frequency is Bi-Monthly i.e December, January and filing would be due in February (being period 01 for filing), my year end is June. What would the start of the VAT period be? Would it be June/July for filing in August (period 7 of filing), so I would then select June or do I select December for period 01?

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1 Comment 1
Jen_D
Moderator
Moderator
‎November 01, 2022 02:31 AM

VAT - Bi Monthly

Let's make sure you're able to enter the correct start period for your VAT setup, @meegank.

 

Usually, the information you set on the Start of the tax period field is based on when you want QuickBooks to begin tracking tax, or the start of your company's fiscal year.

 

However, we always would recommend reaching out to a tax advisor or the tax agency to help you put the correct month. This is to ensure your tax filing and amounts are accurately reported when filed.

 

Please see this article that talks about setting up VAT in QuickBooks Online for South Africa: Set up and use VAT in QuickBooks Online.

 

If you have additional questions or concerns about VAT setup or preferences, this thread is always available. You can also mention me on your posts for assistance. Have a wonderful day.

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