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Hello, entered a fixed cost expense 300, vat 5%. so 315, then, I enter owner contribution, -315 quickbooks is stoping me as there is no vat on 2nd line

 
3 Comments
QuickBooks Team

Re: Hello, entered a fixed cost expense 300, vat 5%. so 315, then, I enter owner contribution, -3...

Hello bport-salon,

 

You'll want to select No VAT or Exempt to get past the prompt. Let me guide you how.

  1. Click (+) Create.
  2. Click Expense.
  3. Enter your Category details, then choose NO VAT or Exempt (0%) in the VAT column.
  4. Click Save.

I've attached a screenshot for you.

 

You can read these handy articles for more information about:

If in case you need some articles for your future tasks, you can visit our page: Tax for QuickBooks Online.

 

Please don't hesitate to reply anytime if you have other questions.

 

Level 1

Re: Hello, entered a fixed cost expense 300, vat 5%. so 315, then, I enter owner contribution, -3...

Thanks for the reply,

1- isn't the contribution to be entered in negative? This is what i have seen on qb videos...

2- i am putting contribution in negative and what you have suggested to do is not being accepted.

I hope i am cleat, and thank you again...

QuickBooks Team

Re: Hello, entered a fixed cost expense 300, vat 5%. so 315, then, I enter owner contribution, -3...

Allow me to join the thread, @bport-salon.

 

Yes, the amount for the Owner's Contribution should be entered as negative to zero out the expenses. Also, be sure to select NO VAT under the VAT column so QuickBooks won't report taxes on your tax return.

 

You can see these screenshots for additional reference.

r12 1.PNG

r12 2.PNG

 

Let me know if you have any other questions by leaving a comment below. I'm always here to help. Wishing you a good one!