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adriangavrila-eb
Level 1
posted
‎September 10, 2020 12:43 AM
last updated ‎October 05, 2020 9:24 PM

Quickbooks account is connected with tradegecko account. The VAT in tradegecko is calculated for entire amount and in quickbooks for each item in the invoice.

 
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5 Comments 5
Rose-A
Moderator
Moderator
‎September 10, 2020 02:42 AM

Quickbooks account is connected with tradegecko account. The VAT in tradegecko is calculated for entire amount and in quickbooks for each item in the invoice.

Hi, adriangavrila-eb.

 

QuickBooks Online automatically sets up a list of common VAT codes for you, based on where your company is located. The rate is used to calculate the appropriate VAT for each transaction or each item in the invoice.

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Each rate links to a specific box of the VAT return. To know more about how VAT works in QuickBooks Online, you can go through the following articles below. These will provide you additional details on how to add, group, and track your taxes/vats

 

How do I set up sales GST/VAT rates and use them on forms? (International QBO).

Why do I see a VAT charge for my QuickBooks Online plan?

 

Keep in touch if you have any other VAT concerns, I'll be around to help. Have a great day!

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adriangavrila-eb
Level 1
‎September 21, 2020 03:05 AM

Quickbooks account is connected with tradegecko account. The VAT in tradegecko is calculated for entire amount and in quickbooks for each item in the invoice.

The customer order values is 547.58 and the customer payed 547.58 

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adriangavrila-eb
Level 1
‎September 21, 2020 03:08 AM

Quickbooks account is connected with tradegecko account. The VAT in tradegecko is calculated for entire amount and in quickbooks for each item in the invoice.

Due to round-up with 4 digits in QB the invoice is 547.59

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Rose-A
Moderator
Moderator
‎September 21, 2020 05:45 AM

Quickbooks account is connected with tradegecko account. The VAT in tradegecko is calculated for entire amount and in quickbooks for each item in the invoice.

Hi, adriangavrila-eb.

 

Rounding off on invoice prices in QuickBooks Online is a default feature in the program. As a workaround, I'd suggest entering the exact amount to avoid rounding off the transaction values.

 

To make things accurate, you can delete and recreate the invoice, and manually enter the value (547.58) so you could match the customer's payment. Alternatively, you can create a journal entry to resolve the balance of 0.01.

 

However, using this method (journal entry) needs the assistance of an accounting professional for the accounts you need to use. Also, your accountant can help and guide on which account to debit and credit.

 

For your reference, you can go through this article: Create invoices in QuickBooks Online. This will provide you information on how to send an invoice link to your customers.

 

 Feel free to reach out again if you have any questions about QuickBooks. I'll be right here to help.

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adriangavrila-eb
Level 1
‎October 21, 2020 03:08 AM

Quickbooks account is connected with tradegecko account. The VAT in tradegecko is calculated for entire amount and in quickbooks for each item in the invoice.

The solution to  entering the exact amount to avoid rounding off the transaction values or to delete and recreate the invoice, and manually enter the value (547.58) so we could match the customer's payment are not suitable for us due to the fact that we will need to perform one of this two operations for tens of invoices which are not matching. Maybe in the meantime due to the acquisition/merging there will be some steps in direction that both software to process the information in the same way. 

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