Just switched from QB Desktop to QB Online.
I receive regular bank deposits from our merchant account and in Quickbooks Desktop there was never any VAT code associated with these deposits. Now QBO is asking for a VAT code for these transactions, but they are not sales or purchase related deposits. Do I have some setting wrong, or what VAT code should I use for these transactions?
Also it is asking for a VAT code for an INTEREST income deposit on our savings account. These transactions do not have any effect on VAT, so why am I being forced to assign a VAT code? I'm worried this is going to mess up my VAT returns.
Solved! Go to Solution.