taxes

How do I record VAT on import of goods?

If your supplier is based out of the UK, you will not be able to directly record VAT on import of goods. This scenario will arise when you select any other option other than UK as the VAT Treatment and Goods as the Product Type.

Note: The VAT will not be recorded as part of the expense. However, to record the VAT for this expense, you will have to manually calculate the VAT applicable and record it as a separate expense. While recording an expense for the VAT, select Input VAT as the Expense Account.

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