VAT Explained in QuickBooks Online!
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- Опубликовано: 18 сен 2024
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Very informative video on the basics of VAT in QBO.
Thanks.
Glad it was helpful!
Awesomeness thanks
Hi, wow that so so helpful, thank you. A video on ebay and amazon VAT (without an app integration) would be sooooo good and make my accounts go faster. xx
Great suggestion!
Great video, thanks! A video covering how QBO deals with the VAT codes for services and goods purchased from and sold to countries outside the UK would be amazing!
Great suggestion!
Hi, you did not show how to record a refund. The refundslaimed is shown as a negativ amount in QB, and Iwasn't sure whether to use the negative sign or not when recording the refund. I found that not using it worked and trying to include it did not. ALso you did not cover error checking and how to include otherwise excluded items, I have some sales in USd with no VAT but they do form part of my sales total. I can see them amongst the excluded items but do not know how to make them included.
Really helpful and clear explanation of quickbooks - thanks
You're welcome!
Wow. Thank you so much.
You're very welcome!
Hi Aaron, thanks for sharing this info. The video has been very helpful. I´d like to ask you how to handle a situation in which the VAT Control account's balance is negative. In our case, we're an import & sales company (in Panama), we pay a large chunk of VAT as part of our import duties and we recover it gradually as we generate sales. Thanks again for your attention. Regards
Same - just refund other than payment needed
I have a problem if invoice deleted after submitted vat return. Next month how can we adjust this figure in vat return.
Thanks for sharing
My pleasure
Helpful video, but I'm trying to work out how to add in my vat opening balance after my 4th quarter submitted and new year transaction.
I have the issue that my psyments ate still sat in the suspense even though i recorded payment on VAT and matched with bank how can i rectify?
Hi AARON,
I am new to QB!
Business has made VAT bill payment £1,000 via bank and still showing pending 'For Review' in bank section.
Should I move this to VAT Suspense a/c?
If I do then under VAT return section, do I have to manually record VAT payment of £1,000 as well?
If yes, then isn't we are passing the same entry twice?
Thanks in advance.
Either, VAT suspense or mark as paid and match 👍
What about invoice’s and sales receipts with different vat rates incurred ie 0% and 20%?
You need to use multiple line items
Hi, if I have an purchase invoice from a supplier who is not vat registered, is that classed as exempt?
the aged old question - if you ask multiple accountants you can get multiple answers - as long as you stay away from Exempt and use either 0% or No VAT you will be fine 👍
Hey Aaron, i've learned so much setting up quick books with you're videos they're great. I want to input vat into quick books from previous months into March, i'm pretty sure you explained this in one of your videos but cannot find it, can you point me in the right direction?
As long as you have a vat period already included on QBO - you can add VAT to QBO and it will be included as an exception in your next VAT return - I have a video on pre vat
@@TheQuickBooksChap thanks Aaron, do you know which video that was and I’ll re watch
You have either selected a tax liability account on a transaction where it's not allowed, or haven't specified a tax rate along with it. This is the message i get when i try to allocate VAT from bank, and that has left me with a vat liabilty
you need to post the payment to VAT Suspense account - No VAT 👍
Hi Aaron, how do i include the invoices for the first VAT return but falls before the VAT period in Quickbooks. Basically i want to reclaim the input VAT on services that i paid before 6 months prior registeration.
All covered in this video :-) ruclips.net/video/z2MQNuCa2c4/видео.html 😊
you did not cover when you select pay vat, how you coss match it in the banking side, matchig transition, glade i don't have to be vat registered yet. as this is a area you not covered yet.
Payment is a simple matching exercise if you follow the video and mark as paid 👍
Hi, I wanted to ask is it normal for quickbooks to allocate the VAT payments made (through taxes centre and ultimately matched in banking feed) to Profit and loss account as debit to VAT payment expense account and a credit to VAT suspense account?
Shouldn’t be profit and loss - it should be the VAT suspense account 👍
Thank you Aaron. I have figured it out because in banking feed instead of matching the VAT payment it was creating a duplicate entry as an expense which I have corrected now but now the issue is bank reconciliation because it’s effected my bank Rec, will it be auto resolved if I complete bank reconciliation for next month, also, I have a VAT payment showing in Quickbooks for the quarter which was submitted from another accounting software, can you please explain how to record that payment now in Quickbooks?