Hi guys. Gosh I really hope this makes sense because it’s really eluding me. I recently implemented my VAT number and now Amazon displays Tax (this is great, until I started thinking about it!).
I use QuickBooks Online. Everything seems good for me to manage, however, with the new “tax” column, it’s hard to fathom considering it’s in the positive.
For clarity, I know the money has to go to the tax man (UK), but how do I then set it to 100% opposed to the options 20%, exempt, etc?
In other words, I need QB to understand that, out of a total £116.49 sales, £19.42 is stated as tax. So when I receive the £116.49, I shouldn’t then set the £19.42 to 20% S tax, because I’m sure that will be cheating the tax man, right?
Please help and thank you kindly.