Page 1 of 2 12 LastLast
Results 1 to 10 of 15

Thread: Quickbooks & Output Vat

Hybrid View

Previous Post Previous Post   Next Post Next Post
  1. #1
    Email problem MadJan's Avatar
    Join Date
    Oct 2010
    Location
    Durban
    Posts
    55
    Thanks
    1
    Thanked 0 Times in 0 Posts

    Quickbooks & Output Vat

    Hi All,

    I am using QB Premier 2008. I need some serious help :-( with Vendors vat setup. Entering the bill..all good and dandy...but nowhere does it show the amount excl and incl Vat, as a result the bill gets captured incl vat. So its obvious that the Vat Payable Ledger will not reflect the Vat portion of accounts payable.
    How do i split up the vat on a bill to reflect correctly?
    What i have done is entered a bill and split as: eg selected the relevant expense account eg
    1. A Stationers with the amount of R100
    2. Beneath that is the Vat Payable amount R14
    3. Selected the vendor account A Stationers.

    This now reflects correctly in the General Ledger as Accounts Payable (Split)...BUT now in the Vendor Centre this vendors account shows a -R14 balance....i am now about to shoot myself!!!!!

    Please help :-(
    Audio Visual, DSTV, PA Systems, Surround Sound

  2. #2
    Email problem
    Join Date
    Jan 2012
    Location
    Durban
    Posts
    5
    Thanks
    0
    Thanked 2 Times in 1 Post
    Hi Madjan

    I dont get it.

    If you purchased stationary for R100 from a VAT vendor the VAT RECEIVABLE will be R 100 * 14/114 = R 12
    The journal entry will be
    Cr Creditor A Stationers R 100
    Dr Stationary R 88
    Dr VAT Input R 12

  3. #3
    Site Caretaker Dave A's Avatar
    Join Date
    May 2006
    Location
    Durban, South Africa
    Posts
    22,648
    Thanks
    3,304
    Thanked 2,676 Times in 2,257 Posts
    Blog Entries
    12
    There is a tick box on the bill capture page for Inclusive or exclusive of VAT. The location is not always obvious - but probably bottom left.

    If you're doing this via journal entry, there is a bit of a trick to getting the VAT to behave correctly. I'd recommend using the Bill form wherever possible.

  4. #4
    Email problem MadJan's Avatar
    Join Date
    Oct 2010
    Location
    Durban
    Posts
    55
    Thanks
    1
    Thanked 0 Times in 0 Posts
    Click image for larger version. 

Name:	QB Bill.jpg 
Views:	578 
Size:	42.2 KB 
ID:	2360

    Hi Dave i have attached what the bill looks like i dont see anything that allows me to select inclusive or exclusive Vat. I use this all the time to capture bills, expenses, etc.
    Attached Thumbnails Attached Thumbnails Click image for larger version. 

Name:	QB Bill.jpg 
Views:	559 
Size:	41.5 KB 
ID:	2359  
    Audio Visual, DSTV, PA Systems, Surround Sound

  5. #5
    Site Caretaker Dave A's Avatar
    Join Date
    May 2006
    Location
    Durban, South Africa
    Posts
    22,648
    Thanks
    3,304
    Thanked 2,676 Times in 2,257 Posts
    Blog Entries
    12
    Probably a setting issue then. Check this setting:

    Edit > Preferences > VAT > Company preferences

    Make sure the option to allow for VAT inclusive figures is enabled.

    Click image for larger version. 

Name:	VAT settings.jpg 
Views:	715 
Size:	52.7 KB 
ID:	2361

  6. #6
    Email problem MadJan's Avatar
    Join Date
    Oct 2010
    Location
    Durban
    Posts
    55
    Thanks
    1
    Thanked 0 Times in 0 Posts
    Thanks Dave, will check it out...you're a star :-)
    Audio Visual, DSTV, PA Systems, Surround Sound

  7. #7
    Site Caretaker Dave A's Avatar
    Join Date
    May 2006
    Location
    Durban, South Africa
    Posts
    22,648
    Thanks
    3,304
    Thanked 2,676 Times in 2,257 Posts
    Blog Entries
    12
    Upon closer examination, it looks like whomever set up the software has tried to eliminate anyone playing with VAT the way the software intended.

    Is the VAT option enabled?

    What troubles me is my bill form includes a selectable VAT column. See attached.

    Click image for larger version. 

Name:	qb-bill-form.jpg 
Views:	619 
Size:	88.5 KB 
ID:	2362

    I was wondering if there might be version issues too, but ultimately I've had this setup since QB 2003, so I doubt that's it.

    If VAT is already enabled, you're probably going to have to modify the bill template.
    Last edited by Dave A; 20-Feb-12 at 09:51 AM. Reason: clarification

  8. #8
    Email problem MadJan's Avatar
    Join Date
    Oct 2010
    Location
    Durban
    Posts
    55
    Thanks
    1
    Thanked 0 Times in 0 Posts
    I think its probably a version issue....nowhere do i find VAT....

    Click image for larger version. 

Name:	QB PREFERENCES.jpg 
Views:	628 
Size:	70.0 KB 
ID:	2363

    urgh
    Audio Visual, DSTV, PA Systems, Surround Sound

  9. #9
    Site Caretaker Dave A's Avatar
    Join Date
    May 2006
    Location
    Durban, South Africa
    Posts
    22,648
    Thanks
    3,304
    Thanked 2,676 Times in 2,257 Posts
    Blog Entries
    12
    Damn straight it's a version issue. Probably the USA/Canada one, although there are also derivatives for Australia and Asia which use GST rather than VAT.

    If you're going to continue using that version, it's going to take a bit of a work-around when capturing expenses with input VAT. Obviously you can use the GST functionality to deal with Output VAT.

    If you create a main ledger account (other asset or liability) to track VAT inputs, you can post the Input Vat portion of the bills there. It means capturing two lines for each bill/expense - the VAT portion and the expensed portion.

  10. #10
    Site Caretaker Dave A's Avatar
    Join Date
    May 2006
    Location
    Durban, South Africa
    Posts
    22,648
    Thanks
    3,304
    Thanked 2,676 Times in 2,257 Posts
    Blog Entries
    12
    I'm reading your first post again... you're obviously trying to do the workaround anyway.

    I suggest take a close look at what the Input VAT line you're adding is actually posting to. If it's posting to Accounts Payable - that's your problem right there.

Page 1 of 2 12 LastLast

Similar Threads

  1. Input & Output VAT
    By DaisyGirl in forum Tax Forum
    Replies: 21
    Last Post: 21-Apr-22, 12:50 PM
  2. Setting up Quickbooks
    By CreativeDesigns in forum Accounting Forum
    Replies: 0
    Last Post: 23-Sep-11, 03:26 PM
  3. Quickbooks Credit Card Transactions
    By MadJan in forum Accounting Forum
    Replies: 1
    Last Post: 21-Jul-11, 11:24 AM
  4. Quickbooks over VPN
    By RKS Computer Solutions in forum Accounting Forum
    Replies: 8
    Last Post: 20-Nov-07, 09:18 PM
  5. Quickbooks and payment before delivery
    By duncan drennan in forum Accounting Forum
    Replies: 4
    Last Post: 24-Sep-07, 11:21 AM

Did you like this article? Share it with your favourite social network.

Did you like this article? Share it with your favourite social network.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •