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1 reply

Level 9
January 5, 2022

Let me walk you through adding reverse charges on your invoices, sbatbes-hotmail-.

 

Once you have setup VAT you'll have two new VAT codes which are 20% and 5% that you can use to account for the VAT reverse charge. Once the code has been selected and the transaction is saved, QuickBooks will automatically account for the reverse charge and the VAT will be reflected on your VAT return. 

 

Here's how to turn it on:

 

  1. Go to Taxes menu and select VAT.
  2. At the upper-right, click Edit VAT > Edit rates.
  3. Toggle to turn on Reverse Charge (20.0%) and Reduced (5.0%).

Then, you can open your invoices or when you create a new one just add these VAT codes.

 

I've added articles for your future reference that contains FAQs about VAT return and reverse charges: 

 

I'm always around to help answer your VAT queries. I'd be glad to lend a hand.