How to Add a new Tax, new Tax Agency and Tracking Accounts in QuickBooks

The following steps explain how you can easily add a new agency, a new VAT rate, and tracking accounts in QuickBooks.

 1) From the ‘Manage VAT’ window, click ‘Change VAT Setup’ at the right side of the window

2) A window titled ‘VAT Setup Wizard’ below open.

Select ‘Add a new tax, including a new agency and accounts’ by clicking the belly button 

Click ‘Next’ below the window to continue

3) The ‘Create a new tax and agency’ window below appears 

A: Enter the name of the tax in the box e.g. Lag Tax

B: Click the drop down arrow and select from the list the reporting period according to the rules and regulations of the government. Monthly, Bi-Monthly, Quarterly, Bi-Annual, and Annual.

C: Enter the name of the agency in the box. E.g. Lag Tax Agency

D: Enter the name to be printed on cheque in the box

E: Select from the list the one suitable to your business

F: Click ‘Next’ at the bottom of the window after filling in the necessary information.

4: The next window below appears

Select the checkbox to apply this tax to sales and purchases. Check both boxes to apply it to both and fill in the necessary information. 

Click ‘Next’ below the window to continue

5: The next window below appears

Enter the sales rate in the box 

Click ‘Next’ below the window to continue

6) The Next window below appears. Assign a VAT code for this rate.

A: Enter the code in the box

B: Select from the options the one suitable to your business 

Click ‘Next’ to continue

7: The Summary of the changes made. 

Click ‘Finish’ to complete this task