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I'm happy to see you again here in the Community, @userann.
I got some insights to share about the VAT code for postponed accounting based on Brexit, and I'll guide you on how this works in the system.
You can set a 20.0% PVA in QBO. This will show on your VAT return. You'll see them posted to boxes 1, 4, and 7 on your VAT return.
Here's a link that provides the step-by-step procedure on how to set up a VAT rate in the system: How to set up VAT.
Once the VAT codes are selected in your QuickBooks, you will see them post to the following boxes on your VAT return:
Box 1 - Includes the VAT due in this period on imports accounted for through postponed VAT accounting.
Box 4 - Includes the VAT reclaimed in this period on imports accounted for through postponed VAT accounting.
Box 7 - Includes the total value of all imports of goods included on your online monthly statement, excluding any VAT.
For more details about this process, please check out this reference: Brexit FAQ.
Know that the Community got you covered if there's anything else you need. Have a lovely day!
Hi there, Fenu.
I'm here to share information about setting up VAT for Ireland.
Yes, the details shared by my colleague also apply to the Irish state. Though there's some interface that slightly differs, the information is the same.
You can always pin this article for the detailed steps in setting up VAT:
Feel free to get back to this thread whenever you have questions about VAT. I've got your back!
Thanks for your reply, however, the links you give mention PVA Import VAT codes, which are not available in the Irish edition. Can you tell me how I can track postponed VAT in the irish edition please?
Hello, Fenu.
For now, you can follow the insight shared in the previous responses. As this also apply to Irish edition, Though the method is slightly varied, but the details are the same.
We always want to ensure we're compliant with Ireland's rules and regulations. Thus, visit their website for more information: VAT Rates Overview.
Furthermore, to learn more about the VAT codes listed in QBO, visit this article: VAT codes and rates.
Loop me in anytime here in the Community. Have a great day!
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