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bewleysblackrock
Level 1

SEPERATE VAT FROM MONIES FROM AUTOMATIC BANK LODGMENT?

sales are lodged (QG on line)but I need to seperate these from vat which is obviously included in lodgment figure?
1 Comment 1
Angelyn_T
QuickBooks Team

SEPERATE VAT FROM MONIES FROM AUTOMATIC BANK LODGMENT?

Hi, @bewleysblackrock.

 

Basically, the system will calculate VAT once there are sales transactions recorded. Thus, separating them need to be done manually. I'll guide you on how.

 

To get started, you can either record a bank transfer or create a journal entry to move the VAT amounts to the account you need. Here's how:

 

  1. Go to the +New icon, then select Journal Entry.
  2. Fill in the information, then select the account under the Debit and Credit column.
  3. Save the transaction.

 

Before separating the amounts, I would recommend seeking assistance from your professional accountant. An accountant can assist you with choosing the correct accounts for journal entries to keep your books accurate.

 

Here's how you can learn more about creating journal entries in QBO.

 

Moreover, you can open this article for more hints about moving funds between two accounts: Transfer funds between accounts.

 

If you have any other questions about managing your sales and taxes in QuickBooks, let me know by adding a comment below. I'm always here to help. Have a good one!