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JeremyAdv
Level 2

Newly VAT registered (South Africa)

Hi

I’ve been trading now for 10 months and using QBO during this time. I am now VAT registered. Can i just turn on the tax function and start using it from the date i became VAT registered? 

Or do i need to do something special/different to compartmentalise the pre-VAT period i was trading from the post-VAT period? I just don’t want to cause any problems with the system setup.

Any guidance would be gratefully appreciated. 

 

Solved
Best answer July 01, 2020

Best Answers
BettyJaneB
QuickBooks Team

Newly VAT registered (South Africa)

Hello there, @JeremyAdv.

 

You've got me here to share some details on how you can utilize the VAT feature in QuickBooks Online.

 

Once you've become a VAT registered, you'll need to set up VAT in the system. After that, you may enter the Registration Number, so it will reflect on your invoice.

 

To set this up, please take these steps below:

  1. On the left panel, click on VAT.
  2. Select on Set up VAT.
  3. From the Set up VAT page, choose the Start of VAT period (the date that you became a VAT registered)Filing frequencyReporting method, and your VAT Registration No..
  4. Hit on Next.
  5. Press on Got it.

To enter the VAT Registration Number:

  1. Select the Gear icon.
  2. Press on Account and Settings.
  3. Tick on Company name.
  4. Enter your VAT Registration Number in the VAT# field.
  5. Hit on Save.

I'm also adding these help articles below to give you more insights about adding VAT rates in the system and all the things that you need to know once you're registered: 

Lastly, if you need assistance with filing and paying your taxes, this link will get you covered: Learn how to file and pay the Tax/GST you owe using QuickBooks Online International version.

 

Let me know if there's anything else that you need about this or with QuickBooks. I'll be around to lend a helping hand. Have a good one!

View solution in original post

2 Comments
BettyJaneB
QuickBooks Team

Newly VAT registered (South Africa)

Hello there, @JeremyAdv.

 

You've got me here to share some details on how you can utilize the VAT feature in QuickBooks Online.

 

Once you've become a VAT registered, you'll need to set up VAT in the system. After that, you may enter the Registration Number, so it will reflect on your invoice.

 

To set this up, please take these steps below:

  1. On the left panel, click on VAT.
  2. Select on Set up VAT.
  3. From the Set up VAT page, choose the Start of VAT period (the date that you became a VAT registered)Filing frequencyReporting method, and your VAT Registration No..
  4. Hit on Next.
  5. Press on Got it.

To enter the VAT Registration Number:

  1. Select the Gear icon.
  2. Press on Account and Settings.
  3. Tick on Company name.
  4. Enter your VAT Registration Number in the VAT# field.
  5. Hit on Save.

I'm also adding these help articles below to give you more insights about adding VAT rates in the system and all the things that you need to know once you're registered: 

Lastly, if you need assistance with filing and paying your taxes, this link will get you covered: Learn how to file and pay the Tax/GST you owe using QuickBooks Online International version.

 

Let me know if there's anything else that you need about this or with QuickBooks. I'll be around to lend a helping hand. Have a good one!

View solution in original post

Izzy81
Level 2

Newly VAT registered (South Africa)

Hi @JeremyAdv 

 

You are only VAT liable from the date of registration as on your "Confirmation of VAT Registration" letter that was issued to you by SARS. There is nothing special/ different to do. Once the VAT is turned on, QBO  will start to track the VAT on the sales and purchases you tell it to. 

 

The steps etc. to turn the VAT on are explained nicely by @BettyJaneB