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2016-07-26 00:00:00Product UpdatesEnglishThis year, we’ve made a few enhancements to the ‘Transaction List by Supplier’ report that we think will really simplify your TPAR...https://quickbooks.intuit.com/au/resources/au_qrc/uploads/2017/01/179229828.jpghttps://quickbooks.intuit.com/au/resources/product-updates/simple-guide-review-transactions-tpar-lodgement/A simple guide on how to review transactions before TPAR lodgement

A simple guide on how to review transactions before TPAR lodgement

2 min read

As a small business owner or a financial advisor for a small business, you have many compliance reporting tasks on your to-do list this tax season. If you or your client happens to be in the construction industry, we know you have one more reporting requirement to cover for the Australian Tax Office – TPAR, or Taxable Payments Annual Report.

This year, we’ve made a few enhancements to the Transaction List by Supplier’ report that we think will really simplify your TPAR reviewing and lodging process.

By following these simple steps, you’ll be able to review and lodge this year’s TPAR effortlessly.

Step 1:

First click on ‘Reports’ on the left navigation. Next, search ‘Transaction List by Supplier’ in the ‘Go to report’ search box.

Step 2:

Go to the ‘Transaction List by Supplier’ report, and select the right date range. Then click ‘Run report’.

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Step 3:

Click the report’s gear icon to customise the report by adding a few columns. Add ‘Split’, and ‘Tax Amount’. Then click ‘Reorder columns’ to organise the columns in the way you want.

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Step 4:

You can now review all the transactions grouped by supplier in one place, and immediately see what transactions are included in TPAR.

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As you can see in the example report above, an expense with split accounts isn’t included in TPAR. Split transactions normally mean they have multiple cost components and require some more checking. So let’s click into this transaction to see the transaction details.

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It looks like this transaction has two components: ‘Cost of Labour’ and ‘Equipment rental’. According to ATO recommendations, an expense paid to a TPAR supplier needs to be included in the TPAR report if it has labour cost. Because this expense isn’t ticked for TPAR, we would need to correct it.

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Step 5:

Click ‘Save and close’ to return to the ‘Transaction List by Supplier’ report. You can see that the new change is saved.

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Bonus: You can also check whether GST amounts are properly recorded if you add the ‘Tax Amount’ column to this report. In this example, the first transaction doesn’t show a tax amount, although it should. This was corrected by clicking into and editing that individual transaction.

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Step 6:

Once you finish reviewing the transactions and feel confident about how the transactions are recorded in QuickBooks Online, proceed to running the Taxable Payments Annual Report (TPAR) for this year’s lodgement.

Now you have it. It’s your turn to try the process yourself.

Let us know if you have any feedback or additional suggestions to share.

To read more articles related to product updates, visit here.

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Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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