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Level 1

Hello, i am having issue in making review entries for staff salaries in banking.. As they are asking Tax Code.. For Salaries it's tax exempted.. How to remove vat

 
3 Comments
QuickBooks Team

Hello, i am having issue in making review entries for staff salaries in banking.. As they are asking Tax Code.. For Salaries it's tax exempted.. How to remove vat

Glad to see you in the Community, aqadir.


May I know the business location? This is to ensure I can provide a timely solution to your concern.


Based on the details shared on the post, it looks like you’re using a non-US product. To help remove the VAT, let’s go to the account and then select the appropriate code.


Here’s how:

 

  1. Tap the Banking menu on the left panel and select Banking to open the Bank and Cards page.
  2. From there, choose the account you’re working on.
  3. Go to the For Review tab and then click on the transaction to expand the line.
  4. Click the Tax code drop-down to choose Exempt or No VAT.

I also suggest reaching out to an accountant for guidance on which specific tax code to use. This is to ensure all tax forms and payments are correct.


For future reference, see the Common VAT Codes guide. It provides a complete list of taxes as well as information when to use each one.


After following these steps, you can seamlessly review all entries.


Keep me posted if you need further assistance while working in QBO. I’ll be glad to assist you further. Enjoy the rest of the day.

Level 1

Hello, i am having issue in making review entries for staff salaries in banking.. As they are asking Tax Code.. For Salaries it's tax exempted.. How to remove vat

Hi,

 

Thanks for the reply..

 

I am from Saudi Arabia..

 

As Suggested tried Clicking the Tax code drop-down to choose Exempt or No VAT.

 

But there is 5% VAT option Showing only.. No Other option to choose..

 

Regards,

AQUIL

QuickBooks Team

Hello, i am having issue in making review entries for staff salaries in banking.. As they are asking Tax Code.. For Salaries it's tax exempted.. How to remove vat

Thank you for providing additional information and a screenshot above, aqadir. This helps me in providing you with accurate resolution.

 

All bank transactions need to have a code when you add them to your books. QuickBooks lets you select the No VAT (0% Purchases) code for your expenses and No VAT (0% Sales) on for your interest transactions.

 

The option to select the No VAT tax code in your bank transactions is unavailable. However, you can set up or add transactions in QuickBooks and match them with your downloaded staff salaries so you're able to select the No Vat option. Here's how:

  1. Go to the Banking menu.
  2. Select the transaction to expand the view in the For Review tab.
  3. Review the Records found
  4. Select the link next to each record to get more details.
  5. Review the Deposit to field on the forms.
  6. Select Match when you're done.

 

Once done, select the No Vat/Exempt option in the Tax code field. Then, select the Add button to complete the process. 

 

Continue reviewing all your bank transactions to keep your account updated. For the detailed steps, kindly refer to this article: Categorise online bank transactions in QuickBooks Online. It also contains details on how to split transactions between multiple accounts and exclude your personal or duplicate transactions.

 

I'd also recommend reconciling your accounts every month to keep them accurate and monitor your business progress. To learn more, you can refer to this article: Reconcile an account in QuickBooks Online.

 

Please let me know if you have other concerns. I'm just around to help.