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A
Airy Point Engineering
March 31, 2020
Question

Expense Report GST Doesn't Match Receipt GST

  • March 31, 2020
  • 1 reply
  • 0 views

I am hoping to find out how to reconcile the amount of sales tax exported from the Expenses tab with the amounts entered while reviewing receipts. After going through the process of reviewing all receipts to make sure taxes are reflected correctly, I see that the expenses related to each receipt doesn't reflect the tax as entered.

 

One solution I can see:

I can manually change the tax amount in the Expense tab to reflect GST, as an example. The issue with this is that some expenses are not 5% GST of total. Example: meal receipt with tip and liquor tax included.

 

The solution I'm hoping to find:

A bulk action, or setting which will reconcile the Expenses list with receipts already reviewed.

 

Any help will be much appreciated

1 reply

AddieC
AddieC
March 31, 2020

Hi there, 

 

Reconciliation is an important part of running your business with QuickBooks Online. By syncing your bank account to the bank feeds, you'll be able to add and match transactions with ease in order to save you time. I can see how having a bulk action to change the tax amount on your entries would be handy in this situation, and I'd be glad to explain how this works in QBO.

 

At this time, changing transactions in bulk isn't available, and each transaction will have to be manually edited to correctly display the proper tax information. You can either delete your existing expense entries that you manually created in QBO, then click the Add button from the transaction in the bank feed, rather than "Match". This option will simply generate an expense transaction based on the information from the bank transaction. The second option, as you've stated above, is to manually edit the tax code you've selected on your expense created in QuickBooks. 

If you'd like to delete your expense and add it from the bank feed, follow these steps:

 

1. Click Expenses on the left navigation menu. 

2. Select the drop-down menu on the right-hand side of the transaction in the list. 

3. Click Delete. 

 

Now, you can click Add next to the transaction from the bank feed to generate a new expense transaction that reflects your real-life information.

 

If you'd like to edit your existing expense, click the expense from the expense menu, then alter the tax code accordingly. Make sure you save your changes. Now your expense should have a "Match" available when you try to reconcile with your banking information. 

 

Here's more information about adding and matching transactions in QuickBooks Online:Match and categorize bank transactions in QuickBooks Online.

 

I hope this helps to resolve your issue. If you have any other questions, please reach out to our tech support team. 

Have a great day.

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