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tzar007
November 18, 2021
Solved

Import/create Journal Entries into QBO with Tax Inclusive setting

  • November 18, 2021
  • 1 reply
  • 0 views

Hi,

 

Is there a way to create Journal Entries in QBO with tax included in amounts? I know there is an option when recording an expense by setting "Amounts are" drop down, but there is no such option for Journal Entries.

 

Also, when importing using SaasAnt importer, they have "TaxInclusive" option which would have same effect, but it's not working. Not sure if it's SaasAnt side or QBO side. I have SaasAnt support looking into it.

 

THanks,

Best answer by Mark_R

Hello there, @tzar007.

 

As of this time, QuickBooks Online (QBO) doesn't have a Tax-inclusive option when creating journal entries. As a workaround, you'll want to create a liability account for the tax and add it as another line in your journal entry. Then, enter the tax amount manually. However, I recommend seeking help from your accountant for further guidance.

 

Also, even though your third-party application (SaasAnt importer) supports a Tax-inclusive option, you can't import your journal entries in QBO including the option. 

 

I can see that the Tax-inclusive option is beneficial for you when creating/importing journal entries. For now, I suggest submitting feedback directly to our product engineers. They may look into this suggestion and consider adding the option in the future update. To submit feedback, please be guided with the steps below:

 

  1. Sign in to your QuickBooks Online (QBO) account.
  2. Click the Gear icon, then select Feedback.
  3. Enter your suggestion and click Submit.

 

You might want to visit our feedback forum to check the recent updates and added features in QuickBooks.

 

Want to learn more about creating journal entries in QBO? Check out this article for more guidance: Create a journal entry in QuickBooks Online.

 

Should you need additional assistance creating/importing journal entries in QBO, I'm available here to help any time! Wishing you all the best, @tzar007.

1 reply

M
Mark_RAnswer
November 18, 2021

Hello there, @tzar007.

 

As of this time, QuickBooks Online (QBO) doesn't have a Tax-inclusive option when creating journal entries. As a workaround, you'll want to create a liability account for the tax and add it as another line in your journal entry. Then, enter the tax amount manually. However, I recommend seeking help from your accountant for further guidance.

 

Also, even though your third-party application (SaasAnt importer) supports a Tax-inclusive option, you can't import your journal entries in QBO including the option. 

 

I can see that the Tax-inclusive option is beneficial for you when creating/importing journal entries. For now, I suggest submitting feedback directly to our product engineers. They may look into this suggestion and consider adding the option in the future update. To submit feedback, please be guided with the steps below:

 

  1. Sign in to your QuickBooks Online (QBO) account.
  2. Click the Gear icon, then select Feedback.
  3. Enter your suggestion and click Submit.

 

You might want to visit our feedback forum to check the recent updates and added features in QuickBooks.

 

Want to learn more about creating journal entries in QBO? Check out this article for more guidance: Create a journal entry in QuickBooks Online.

 

Should you need additional assistance creating/importing journal entries in QBO, I'm available here to help any time! Wishing you all the best, @tzar007.

T
tzar007Author
November 21, 2021

Thank you for your response. That's what I started doing (logging tax in a separate liability account).

B
Bookeeping101
July 24, 2023

I have it logged in a seperate liability account (GST Payable), but when I go to the Taxes section of QBO to file, it's not being picked up the same way as my previous sales receipts.  How do I get this to flow through?

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