Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
I'm here to share some information when recording VAT, jrmcielos1.
Once you setup Sales Tax, the system will automatically create an Input and Output tax accounts.
When you create an invoice, the Output tax account is credited. Then, the Input tax accounts will be debited when you enter a bill.
To offset the amounts between the Input and Output tax accounts, you'll need to make an adjustment. Afterward, you'll have to transfer their difference to the Tax Payable account.
Feel free to take a look at this article that has detailed information when making adjustments: What is Tax Adjustment and How Do I Use It?
I'm just a post-away if there's anything that I can help. Take care!
You have clicked a link to a site outside of the QuickBooks or ProFile Communities. By clicking "Continue", you will leave the community and be taken to that site instead.