How to import VAT on transactions into QuickBooks

Axis

If you need to include VAT on Sales or Purchase transactions that you import into QuickBooks (QuickBooks UK editions) then Axis provides a way for you to do that. Unfortunately it is not possible to import Sale Tax Amounts directly into QuickBooks as Intuit does not permit that however it is possible to specify an Item Sales Tax Code, QuickBooks will then automatically calculate the tax amount. When setting up mappings in Axis you need to pay particular attention to the following QuickBooks fields:

 

VAT on invoices

Sale Tax Code field - Each item or account on a sales or purchase transaction is assigned an sales tax code that indicates whether the item or account is taxable or non-taxable. The default options in QuickBooks UK are shown in the table below however these may be modified so please check you Item Tax Code list in QuickBooks before setting these, if the Tax Code imported into QuickBooks is not found then Axis will report an error.  If you do not specify a Tax Code then Axis will use the default tax code assigned to the item or account.

 
 
Item Sales Tax Code Is Taxable  Description
 S     Taxable Item is bought and sold domestically and attracts the standard rate of 20%
 E Non-taxable  Item is bought and sold domestically and is exempt from tax
 Z Taxable Item is bought and sold domestically and attracts the zero rate of tax
 N Non-taxable  Businesses entity not registered for tax
 ES Taxable Item is bought and sold within the EU and attracts the standard rate of 20%
 EZ Taxable Item is bought and sold within the EU and attracts the zero rate of tax

Is Tax Included - indicates whether the rate or amount being imported is including tax or is excluding tax, the possible values are true or false.

Rate or Amount - the price or calculated amount of the item being bought or sold, if not mapped then QuickBooks will use the QuickBooks default price or rate associated to that item

 

Finally Axis has an option to Convert Amounts from Gross to Net if you want to display amounts or rates in QuickBooks as not including tax.  For more information about VAT in QuickBooks refer to Intuit Support.

Article ID: 128, , Modified: 11/13/2015 at 5:20 AM

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