GST
The QuickBooks Online Singapore (SG) region is set up for GST by default, which aligns with the tax regulations, and VAT is not natively available in this version, Jensis.
We can create custom tax rates in QuickBooks Online that work as a workaround for VAT. While these custom rates won't fully replicate VAT-specific reporting, they allow you to apply custom percentages to transactions and accurately record the amounts.
Here's how:
- Go to Taxes on the left-hand menu and select Add tax.
- Choose Custom Tax and input the relevant information, including the VAT percentage.
- Click Save.
This custom tax rate will be automatically calculated and added to your collectible tax amounts.
Once you’ve created VAT as a custom tax, you can use it for your transactions by selecting VAT from the tax dropdown when adding invoices, sales receipts, or other entries.
You may also want to explore third-party apps that integrate with QuickBooks Online and offer advanced customization, including seamless VAT reporting and support for multiple currencies like EUR, which may better suit your needs.
We also suggest consulting an accountant to confirm your setup meets accounting standards, as processes can vary by business. They can provide professional guidance to maintain accurate and compliant records.
If you have any further questions or require additional assistance, please add a comment below. We are here to help.
