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Good to see here, TCS_FZC.
If you have imported transactions from the Banking and want to include the 5% VAT, let's make sure to add the rate by following these steps:
Please see these sample screenshots for a visual guide:
Once done, go to the Banking page and select the transaction you want to add the 5% VAT. Here's a sample screenshot for reference:
For more information about VAT, please read this article: VAT Feature Update FAQ. You can also visit our Help articles page for reference in case you want to learn some tips on managing your account.
Please let me know in the comments if you're referring to something else. I'll be right here to help you out again. Thanks.
Dear QBO team / Renjolyn,
your answer is nice but is irrelevant.
in UAE FTA site as I am attaching one here is having (Box.6 imported goods into UAE) which is connected to UAE Customs Authority where we have Payable Tax over purchases (I know it is confusing but this is reverse VAT) because the supplier is outside UAE and didn't put VAT on their bills where in UAE we have to pay its VAT to Government FTA so it is calculate separately & backward (payable tax on purchases).
such option or system or detail I could not find in QBO for UAE.
* I tried to (add tax) but it doesn't have option to calculate backwards to be implemented to this imported goods into UAE.
* I tried to manually add the transaction to tax payable (it is saved) but it is not reflecting in QBO tax return report & payment.
I hope QBO system will be upgraded to cover this matter
Mohammad M. Hijaz
CMA
We appreciate the suggestion you shared about tracking purchase VAT for imported goods, Hijaz.
You can actually send your feature request directly to our engineers from your QBO account. Here's how:
It will be forwarded and reviewed by our Product Development Team. You can also track and check other feature requests through the QuickBooks Online Feature Requests website.
Let me also share this article about tracking VAT for additional reference: How Do I Set Up Sales GST/VAT Rates And Use Them On Forms? (International QBO).
As always, you can add another reply or visit us anytime you need help with QuickBooks Online.
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