Thank you for your query!
Recording a 100% VAT expense can be a bit tricky in QuickBooks, but don't worry, we have a a step-by-step guide on how to record it.
Please follow these steps:
1, Click on the + sign and choose Expense
2, Either choose a payee or leave that box empty
3, On the first line of the expense choose any of your Expense accounts
4, For the amount enter a pound (1) and choose 20% S as your VAT code
5, On the second line choose the same expense account
6, For the amount, enter minus a pound (-1) and choose No VAT as a VAT code
7, The total of the expense will show as 0
8, Under the Subtotal box the VAT box become editable
9, Enter the desired VAT amount into the VAT box and save the expense
10, This will create a 100% VAT transaction
This transaction will show in Box 4 on your VAT returns.
Let me know if you have any queries. Or, if you'd like to go through this over the phone, you can call our dedicated team who will be happy to assist you. Our contact details can be found here along with our opening hours