I have bank entries resulting from customer payments. How do I enter the VAT component of each payment manually as it doesn't correspond to a standard rate

Forum|Forum|6 years ago
July 27, 2019
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QuickBooks Online

Anonymous

Hello, saul2.

Creating an adjustable VAT rate is currently unavailable in QuickBooks Online. The VAT rates available in QuickBooks are the ones mandated by HMRC. You might want to consult your accountant about the proper way of handling this type of situation. Also, reaching out to HMRC would be ideal as well.

Please comment down below or post a question again if you need anything else.

saul2Author

Thank you for answering, but it doesn't help. 1) the VAT rate for my transactions are not standard - they do not correspond to 0, 5 or 20% 2) because each transaction is made up of a variable basket of goods with different VAT rates 3 I therefore need to enter a different VAT amount, and total for each sale, which doesn't correspond to a standard rate. How do I do this?

Ryan_M

Moderator

Hi @saul2,

It appears that you're looking to enter custom VAT rates for your transactions. Let me help you out by sharing the steps on how to enter it in QuickBooks Online (QBO).

Here's how:

Go to the Taxes tab.
Click the Edit VAT drop-down menu then select Edit rates.
Select the Add tax rate button and fill-up the form as necessary.

Repeat the steps above as many times as needed, if you want to use different custom VAT rates. At this point, you can start to enter your custom VAT rates to its corresponding transactions.

Should you wish to disable VAT rates you no longer use, you can find the steps in this article: Remove a VAT rate.

I'd be glad to provide assistance whenever needed. Leave your questions in the comments below, if you have any, and I'll get back to you.

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