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How to handle Margin Based Sales VAT using Quickbooks Online...?

  • Member
  • Practice Licence
  • 27 posts
  • # 117936

Hi

Can anyone out there offer advice on how to handle the Margin Based Sales VAT for a car dealer client using Quickbooks Online?

The quarterly total comes off my client's Management system which is not linked to Quickbooks and I have been adding this figure manually into the VAT returns. However I am just not 100% sure how to deal with this figure in Quickbooks.

Any ideas?


Tony Jackson

Turnpike Business Services Ltd

tony.tbsbookkeeping@gmail.com

  • Fellow
  • Practice Licence
  • 30 posts
  • # 117938

Hi

 

I have a client the same, my client also has an independent system recording their stock records, sales & VAT on margin

 

The same as you, I manually enter an invoice into Quickbooks, adjusting the VAT to the same calculated on margin

 

Hope this helps

 

Lisa

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