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Managing tax rates can sometimes be complex, especially with varying state and local regulations, hdy. Let's work side-by-side to ensure you can add a VAT rate specific to your business's needs.
QuickBooks automatically generates VAT rates depending on the address you configured after setting up your company. Since you mentioned you want to add a specific vat rate for your non-EU goods, you can create a custom rate to complete this process. I'll guide you to the step-by-step process:
1. Go to VAT menu and choose Add tax.
2. Select Custom tax.
3. Enter the details such as name, description, percentage rate and where it applies.
4. Click Save.
Your financial accuracy is important, and understanding how to effectively manage tax rates can save you time and ensure compliance. So please, share your questions or concerns below, and let’s tackle them together.
Hi Erica,
Thanks for your answer. I spoke to my accountant and this issue is mainly in relation to the Show net amount on return line drop down options when creating such a custom Tax or rate. All options relate to EU countries and there are no NON-EU options in the drop down.
All im trying to create a is an RCG Rate to show a reverse charge for NON EU goods and services in my Quickbooks. Is there another way to do this perhaps?
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