Restrict vat on car leasing

Quickbooks and vat restriction on car leasing

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Does anybody have any idea what the vat button within Quickbooks (Car Leasing 10%) is for, when entering an expense invoice, the vat amount that the system calculates seems to be 10/110ths of the total vat inclusive figure rather than 10% of the vat exclusive figure . 

We have an invoice for £506.46 with vat of £84.41 which we would restrict to £42.20, however using the Car Leasing 10% button within the vat rates in Quickbooks it shows the vat as £46.04.   

Or am I being dumb (again) ! .

 

 

Replies (4)

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By Cfacc
19th Nov 2018 14:27

You're not actually posting 10% VAT, your posting half the invoice at net plus 20% VAT, and half the invoice at gross value with no VAT allowable. Post the whole invoice as a 20% item and then over-type the VAT amount to £42.20.

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By frankfx
19th Nov 2018 23:08

OP.
Please inform QB support of the error.

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Replying to frankfx:
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By meadowsaw227
20th Nov 2018 07:28

Tried to yesterday - spent an hour trying to at least get them to check , was told QB does not make calculation errors .

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By Manchester_man
20th Nov 2018 00:03

Doesn't surprise me, I gave up with QBs after finding one too many glitches.

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