Great video Aaron, can’t believe how good you explain the steps involved. I’ll recommend your channel to everyone struggling with getting started in business 😊👍 top work
Thank you for a very informative video. I was looking for info on VAT tax setup as I am assisting a client in Denmark. Quickbooks is not really ready for the very complicated Danish standards on VAT, but you kind of helped me out here with you explanations on VAT setup. Some things are missing, though
Super video - thanks so much for a clear explanation. I've got a cleint who has just exceeded the threshold so needed a quick overview of VAT in QuickBooks - this was so useful! I have to go back and recode entries from December 1st - is this easy to do?? Any tips?
Hi Aaron, This is much informative for me. I face an issue while creating the invoice. I have set up the VAT in QBO and want to add a separate column for VAT in which I can show up firstly Amount column (exclusive of VAT) after description, quantity and rate then second column for VAT and in the end column for amount (inclusive of VAT) . Is this option available in QBO?
If we pay monthly bills to suppliers do I have to add each individual transaction within the credit account or can I just pay my monthly balance and then photograph the statement from said supplier??
thanks for the video ;) I am very confused when I open taxes tab there is show for me sales tax setup instead of VAT - maybe somebody knows how to change? :(
Hi Aaron, thanks for the video - Just about to submit my first VAT return using QBO. what happens in the future if i have paid VAT on an invoice and ultimately don't get paid by the customer (bad debt) - How do i reclaim that VAT paid to HMRC through QBO. Appreciate any help.
Hi Aaron, I have just submitted my self assessment based on Quickbooks taxes>income taxes report, using the business income\business expenses figures. I have now looked at the guide link in this report in the "your tax breakdown" header, which says; "what isn't included in the estimate" and "net vat is not recorded as expenses in quickbooks. to account for these you will need to export your income taxes report and add the net payments for the year outside of quickbooks" Does this mean I have overpaid in taxes if I have not added my VAT payments for the year to expenses outside of Quicokbooks online, or somwhere in the self assessment submission?
Hey Patrick I am BILLAL from Bangladesh. I have more than 8 years of job experience in corporate industry. Now I am an Executive Officer Finance & Accounts. I can use Quickbooks online sofware. Freelancing in accounting is my deam but I don't know the way. Can u help me to implementing my dream.
Nice video Aaron!
Glad you liked it!
Great video Aaron, can’t believe how good you explain the steps involved. I’ll recommend your channel to everyone struggling with getting started in business 😊👍 top work
Thanks, appreciate the comment
Thank you for a very informative video.
I was looking for info on VAT tax setup as I am assisting a client in Denmark. Quickbooks is not really ready for the very complicated Danish standards on VAT, but you kind of helped me out here with you explanations on VAT setup. Some things are missing, though
Super video - thanks so much for a clear explanation. I've got a cleint who has just exceeded the threshold so needed a quick overview of VAT in QuickBooks - this was so useful! I have to go back and recode entries from December 1st - is this easy to do?? Any tips?
As an accountant access its super easy with the use of reclassify transactions under the accountant tool box 👍
How can I do this for United States QBO. I do not see the VAT option
Great work.How do you treat withholding VAT when an invoice is paid less the withholding VAT?
Please show us the process of VAT return, payment & reconciling VAT account
will do in a future video
Is there a way of contacting you regarding a query? and email of somesort?
Hi Aaron, This is much informative for me. I face an issue while creating the invoice. I have set up the VAT in QBO and want to add a separate column for VAT in which I can show up firstly Amount column (exclusive of VAT) after description, quantity and rate then second column for VAT and in the end column for amount (inclusive of VAT) .
Is this option available in QBO?
Not currently but we are getting a new Invoice designer soon, keep an eye out for updates
Can you change from standard to cash after youve registered I think I went wrong at that point?
Yes, under VAT settings in the VAT module you can switch between cash and accrual 👍
If we pay monthly bills to suppliers do I have to add each individual transaction within the credit account or can I just pay my monthly balance and then photograph the statement from said supplier??
1st option is preferable but it all depends if you are on Cash or Standard accounting for VAT
thanks for the video ;) I am very confused when I open taxes tab there is show for me sales tax setup instead of VAT - maybe somebody knows how to change? :(
Makes me think you are using a none Uk version of QBO
If you need a Uk version have a look at our store 😊
@@TheQuickBooksChap but it is possible to change the version of QBO when in case I already started to enter the data to the system?
Hi Aaron, thanks for the video - Just about to submit my first VAT return using QBO. what happens in the future if i have paid VAT on an invoice and ultimately don't get paid by the customer (bad debt) - How do i reclaim that VAT paid to HMRC through QBO. Appreciate any help.
Hi, I have a bad debt video in my archives, but I will also add it to a future video idea :D some updates to make this easier
Hi Aaron, I have just submitted my self assessment based on Quickbooks taxes>income taxes report, using the business income\business expenses figures. I have now looked at the guide link in this report in the "your tax breakdown" header, which says; "what isn't included in the estimate" and "net vat is not recorded as expenses in quickbooks. to account for these you will need to export your income taxes report and add the net payments for the year outside of quickbooks" Does this mean I have overpaid in taxes if I have not added my VAT payments for the year to expenses outside of Quicokbooks online, or somwhere in the self assessment submission?
The first question is are you VAT registered? If you are then QBO has correctly netted off the figures - if you are not then you can ignore VAT :D
If I've paid 20% vat on a invoice but can claim it all back as it's a new build house we are building for a client what's the process for this
Normal VAT Registration, but your sales will qualify for Zero % VAT 👍
Where would you record a VAT or self assessment payment on quickbooks?
VAT should go against VAT suspense, Self Assessment should go against directors loan or drawings
Can Vat be turned on on the self employed version?
No VAT on QBSE - you need to move to QBO for VAT - you can get a discounted VAT from our E-Store
@@TheQuickBooksChap thanks
Hey Patrick I am BILLAL from Bangladesh. I have more than 8 years of job experience in corporate industry. Now I am an Executive Officer Finance & Accounts. I can use Quickbooks online sofware. Freelancing in accounting is my deam but I don't know the way. Can u help me to implementing my dream.
first step would be to get yourself a training course with QBO and become certified :D
MTD brought me here. HMRC ticking the box that says you want to become an accountant ffs
MTD will have its benefits tho, i have a video due soon to explain!
The twirl before each scene is distracting.