VAT excluded in report

josette-mouawad- · ‎April 09, 2024

i am adding vat to my expenses and bills, but in my reports such as profit or loss those vat amount are not included, thus amount shown is minus vat applied on the expense .

question 1 : where do they go and how can i keep them in the report, noting that vat on my sales invoice are included in this report (what doesn't make sense is sales report are included while expenses vat are not)

question 2: if they cant be kept in the report, what report can i get to show all the vat added on my expenses and billing.

VoltF

Hey there @Josette, how's it going?

Let me share you with some insights on how VAT works in QuickBooks Online. If you have VAT on your expense transactions, it won't show up on the Profit and Loss report. Since that report only shows income and expenses. Instead, it will be recorded in the VAT Control account. This account is used to track transactions that have a VAT code that has not been filed yet.

For you to view tax amounts and transaction details, we can run a tax liability report. Here's how:

Go to Reports.
Choose for Tax Liability Report in the search bar.
Select the correct date range depending on how often you file your taxes.
Select the Tax Agency dropdown. Then, select All or just one tax agency.
Click the Run Report button.

By following these steps, you can effectively manage and run tax liability reports in QuickBooks Online to view tax transactions.

For guidance on submitting a VAT return in QBO, refer to this article: Submit a VAT return in QuickBooks Online.

You can check out these articles to get additional insights and information related to your concern:

Feel free to comment below for more questions about other reports-related topics in QuickBooks Online. I'm sure to help anytime. Have a great day!