How to set up and track Vietnam Value Added Tax (VAT) in QuickBooks Online?

Since Vietnam VAT rates are not pre-configured in QuickBooks Online, you can set them up manually in the Tax Centre. Here's how:

1. Navigate to the All Apps menu.
2. Click Overview under the Tax dropdown.
3. Click Add Tax and select Custom tax.
4. Enter the Tax Name (e.g., Vietnam VAT Agency).
5. Fill in the necessary details, and make sure to tick both boxes:
   • This tax is collected on sales
   • This tax is collected on purchases
6. Once done, click Save.

Once your Tax Agency is set up, you can now add your VAT rates. Here's how:

1. Click Add Tax again in the Tax Overview window and select Tax rate.
2. Enter the Tax Name and Description for each rate.
3. From the Tax Agency dropdown, select the Vietnam VAT Agency you just created.
4. Complete the remaining fields and click Save.
5. Repeat these steps for each required Vietnam VAT rate.

Once your rates are saved, applying them to transactions is straightforward:

• Customer Invoices & Sales Receipts (Output VAT): Select the appropriate tax rate from the VAT dropdown on each line item.
• Vendor Bills & Expenses (Input VAT): Select the appropriate tax rate from the TAX dropdown on each line item.

To manage and export tax data, click View Reports in the Tax Overview window to customize your reports, then click the Print icon to export them.

Let us know if you have other concerns.