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8208140032088
Level 1
posted
‎September 02, 2020 02:29 AM
last updated ‎September 02, 2020 2:29 AM

QB adding VAT to an already vat inclusive amount

Hello

 

I hope someone can help.

I imported all my stock into QB from my WordPress website. All my prices are already VAT Inclusive. 

I am having an issue when I set up a quote or invoice: If i select VAT inclusive QB adds VAT to my already inclusive amount in the line item (so that the total is my price incl VAT + extra VAT), if I select VAT Exclusive it lists my correct price in the line item bu them adds VAT to the final total over. How do i change the settings so that I can simply select VAT inclusive and add the stock items without having to manually change the prices?

 

thanks!

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2 Comments 2
FritzF
Moderator
Moderator
‎September 02, 2020 04:06 AM

QB adding VAT to an already vat inclusive amount

Welcome to the Community, @8208140032088.

 

Since these items are imported from a third-party, QuickBooks Online (QBO) will not recognize that they're already VAT inclusive. There are two options that I can think of to solve this.

 

The first one is to choose No VAT or manually change the price instead. However, this applies if you're using QBO for recording purposes only.

 

On the other hand, if you'll file and pay these taxes inside QBO, you need to recreate these items in the system. This way, the amounts will not double-up when you choose the VAT inclusive or Inclusive of Tax in a quote or invoice.

 

Here's how to add them:

 

  1. Go to the Sales menu at the left pane to get to the Products and Services page.
  2. Tick New or Add a product or service, then pick Stock. 
  3. Enter the necessary information.
  4. Hit Save and close to complete.

 

For more information about the process, refer to these articles:

 

 

Please let me know if you have any other questions or concerns by leaving a comment below. I'm more than happy to help. Have a good one!

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8208140032088
Level 1
‎September 02, 2020 04:50 AM

QB adding VAT to an already vat inclusive amount

Thank you so much, at least it not something I've set up incorrectly. 

I appreciate your quick reply!

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