Let me share some insights about set up default tax codes for each of my customers, buzz21.
QuickBooks automatically do the VAT calculations for you on your invoices and receipts for easy and accurate filings. It lets you know when your tax payment is due, so you can file on time and avoid any surcharges or penalties. I know how beneficial it is to set up default tax codes for each of my customers. However, this option is unavailable in QuickBooks Online (QBO). With this said, I'd recommend sending this request straight to our product engineers through feedback. Sharing features and options that you would like implemented is how our engineers look for new product updates. Here's how:
- Go to the Gear icon at the top.
- Select Feedback.
- Enter your comments or product suggestions.
- Then select Next to submit feedback.
Here's an article you can refer to for more details about complete guide for VAT codes in QuickBooks Online. You’ll find a list of common VAT codes and how they’re used on the sales and purchase forms in QuickBooks Online. If you need to adjust your VAT return before you submit it to HMRC, check out this article for more details: Make VAT adjustments in QuickBooks Online.
However, any manual adjustments you make to your return will impact your VAT control and or VAT suspense account. If you are not sure about making an adjustment. I'd suggest consulting your accountant.
For more tips and other resources, you may visit this article about VAT feature: Set up and edit VAT settings, codes and rates in QuickBooks Online.
I'll be right here to continue helping if you have any other concerns or questions about QuickBooks. Assistance is just a post away. You have a good one.
