Hello, I want to claim VAT upfront on a HP Vehicle. How do I log it on QB? My accountant did it previously but charged a fortune so trying to work it out myself!

Hey accounts119,

If you have paid the VAT uprfront you can record this in your QuickBooks account by creating a 100% VAT transaction. 

To do this, go the to + and create a bill with the following details:

1) Enter the date and the bank account 

2) Set the' Amounts are' to Exclusive of VAT

3) On the first line, enter the expense account you wish to use and the amount as 0.01p, select the 20% S VAT code

4) On the second line, enter the same expense account as above and the amount as -0.01p, with the Exempt VAT code

5) Scroll down and edit the amount in the box 'VAT @ 20% on 0.01'

6) Save and make payment on the bill

This will post the whole amount to 'box 4 VAT reclaimed on purchases'.

Thanks :)