Other Questions
I appreciate you getting back to us, CaptureIT. I'm here to ensure that the VAT on imported good an services is correctly recorded as an Output VAT on your QuickBooks Online (QBO).
After selecting the standard import option, it will appear as "Accounts Payable" in the General Ledger report. Can you confirm whether the transactions are categorized as both input VAT and output VAT in QuickBooks? Additionally, providing a screenshot of your report would be helpful for reference in understanding the issue.
If you want to post the imported goods and services to a sales tax liability account, we can manually create a separate VAT code specifically for Output VAT on imports.
Here's how:
- Go to VAT from the left menu and click Add Tax.
- Select Tax rate.
- Enter the Tax name (Output VAT 15%).
- Enter Description.
- Click Purchases and enter the Purchase rate.
- From the Account dropdown, select Liability.
You can check this article for more information about creating a new tax rate: Set up a new tax rate.
Please don't hesitate to reach out if you have VAT-related concerns. I'm always here to help. Take care!
