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
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
