I would like my input vat from purchases and output vat from sales to be in separate accounts. Currently these are lumped together in VAT payable

Answer

Hello there, hte.valuehub,

QuickBooks is set to use the default accounts available when recording your VAT/Taxes. You can create a journal entry every time you record your VAT from purchases to separate its account from the VAT accrued from your sales. This way, you can assign them to their respective accounts.

Just a heads up, the journal entry will transfer your VAT to the account you've set for your purchases, but the system will still take your taxes from the default accounts created by QuickBooks.

If you still want to create a journal entry, kindly follow these steps:

  1. Go to the Plus (+) icon.
  2. Select Journal Entry.
  3. Fill out the fields to create your journal entry.
  4. Click Save and new or Save and close.

Please refer to this article on how to record a journal entry: Create a Journal Entry.

If you want to file and pay your taxes, you can check out this article for the detailed steps: File and Pay Tax/GST.

That's it. Please let me know if you have other concerns about recording VAT transactions in QuickBooks. I'm just around if you need help.

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IntuitRea , Community Support Specialist
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