Thanks for your reply, Lubos
Location is Barbados (Caribbean) with a current VAT rate of 17.5% althought that may change again in the near future.
We also have small sister companies in 2 other countries/jurisdictions in the Caribbean which would have the same needs for reports as far as VAT is concerned.
In 1999, at the recommendation of our then accountant, we purchased QB Pro VAT (UK) version. This was a mistake. I was told later on that our VAT system is based on the Canadian GST.
With each QB upgrade/update the UK VAT reports became totally useless for our needs. In fact we don’t use the build-in QB VAT reports at all and an accountant prepared 4 different, memorised reports with appropriate filters for our VAT returns
- VAT on imports
- VAT on Sales
- NET sales (excl. VAT)
- VAT on purchases
Data for 2) to 4) inclusive are easy enough to extract in QB but for 1) we set up a vendor called “Comptroller of Customs [Imports]” On import of a container we get a bill from the customs department which includes among other expenses, the VAT portion based on landed cost. The VAT amount is posted to the VAT account (in our case acct nbr 2200) and all other expenses to COGS.
For VAT on Imports on the tax return the custom reports filter for Accounts Payable, vendor “Comptroller of Customs [Imports]”, transaction type “bills” and get the VAT on imports.
For VAT on Sales we filter for Account number 2200 (the VAT account), Transaction types Invoices, Sales Receipts, Credit Notes.
I was hoping that we could somehow use and modify your report to suit our needs.