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petrochemsupplie
Level 1

Just beginning to use quickbooks and am trying to enter an expenditure which is 100% Vat for import vat on goods from USA. How do I add expenditure line of vat at 100% ?

 
1 REPLY 1
TaliaI
QuickBooks Team

Just beginning to use quickbooks and am trying to enter an expenditure which is 100% Vat for import vat on goods from USA. How do I add expenditure line of vat at 100% ?

Hello petrochemsupplie,

 

Welcome to the Community - thank you for your question!

 

To enter a 100% VAT expense:

1. Click the + sign and select expense.

2. On the first line of the transaction, choose the account you want to use. For the amount, enter £0.01, and select 20% as the VAT code.

3. On the second line, select the same account. For the amount, enter -£0.01, and choose the Exempt code.

4. The total of the invoice will be 0. You can then edit the amount in the VAT box at the very bottom to whatever the VAT amount is.

 

Thanks,

 

Talia

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