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Replying to:
Fiat Lux - ASIA
Level 15

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@VulcanConsulting 

Many Asian countries are adopting VAT Input and VAT Output, and the QBO Global version supports this requirement. If you are considering using QBO Advanced to manage that requirement, you should use the General Journal. As a simple solution, you can record VAT Input in the same account as Sales Tax/VAT Output to get the net amount of Tax Payable. But I would recommend separating accounts for various purposes once you need those numbers for tax reporting.

 

The real question is if your company is located in Australia, why would you consider using QBO Advanced?

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