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GSTR 2A reconciliation in QuickBooks

QuickBooks will now provide you an Excel report that lets you reconcile and compare your purchases in QuickBooks with your supplier’s invoices (GSTR 2A) uploaded on the GST portal. This report will automatically highlight the mismatches for you to review and take the right action.

To find the GSTR 2A mismatch report, you can follow these steps:

  1. From the left navigation bar, choose Reports.
  2. In the Find report by name search box, type in GSTR and select the report named GSTR 2A mismatch report.
  3. Choose the Report period and click Generate report.
  4. QuickBooks needs to access your GSTN account to be able to fetch the GSTR 2A report. If you have not enabled API access so far, you will be prompted by a drawer on the right.
    1. Click Enable API request to be redirected to the GSTN portal.
    2. You can also click How to enable API access in the GST portal to see an instructional video on how to do this.Once done, click Generate report once again and select I’ve enabled API access in the GST portal.
  5. This will take you to the Add GST details You can enter your GSTIN and GSTN login username.
  6. Click Get OTP. Enter the OTP received on your registered mobile number in the Verify OTP page that follows.
  7. Once this is done, QuickBooks will start preparing your reconciliation report. Note that QuickBooks is in the process of downloading multiple GSTR 2A reports from the GSTN and comparing them with data entered in QuickBooks for the selected period. Hence, the Generate report button will be disabled.
  8. When the report is ready, you will see Completed in the Status/Progress
  9. Click the Download link in the Action column. This will open an Excel sheet with data from QuickBooks and GSTN portal displayed side by side.

This is how a GSTR 2A mismatch report will look like:

Interpreting the GSTR 2A mismatch report

  1. The report is divided into two vertical sections—the section on the left is called My Data (Purchases) and will show your purchase transactions as recorded in QuickBooks. The section on the right is called Supplier Data (GSTR 2A) and contains your purchases as uploaded to GSTN by your suppliers.
  2. Please note the Match column, which indicates the proximity of the matches between your data and that from GSTR 2A.
    1. The report will also be sorted by default using values in the Match column.
  3. You’ll be able to see four types of matches—Exact Match, Partial Match, Only in Books and Only in GSTR 2A.
  4. Exact Match: This is displayed in green and depicts a perfect match between your data and that from GSTR 2A.
  5. Partial Match:
  6. This partially matched value is displayed in red and as the name suggests, depicts a partial match between your data and that from GSTR 2A. Here are some typical examples. Please do take a look at the screenshots for reference.
    1. The bill number may vary between the two sets of data. For example, you may have recorded a bill with number 1001/1920, while your supplier may have recorded the same bill with number 1001. In this case, QuickBooks will highlight the discrepancy in red. The Bill no and Invoice no fields will get highlighted in red.
    2. The transaction dates might be different. In this case, the Date columns on both sides of the report will be highlighted in red.
    3. There’s also a likelihood of the bill amounts varying. If the amount varies, both sets of data will be highlighted in red. Besides, you will see an additional set of columns labelled Taxable Value, IGST, CGST, SGST and Total. These are grouped under a header named Difference and would show you the variance between the two sets of data highlighted in red.
  7. Only in Books: This is displayed in pink and shows transactions that are present only in QuickBooks.
  8. Only in GSTR 2A: This is displayed in purple and shows transactions that are present only in the GSTR 2A report.

What you need to do

Based on discrepancies identified in the GSTR 2A reconciliation report, here are probable action items for you.

  1. Modify purchase transactions in QuickBooks. For example, you may want to edit the date, transaction number or amount in order to match the suppliers' side of the report.
  2. Take up the discrepancy with your supplier. Contact your supplier(s) and inform them about the changes they might want to make on their side of the uploaded data.New updates in the GSTR 2A reconciliation report:
    1. The report is now available for the current financial year, i.e. FY 2019-2020.
    2. You can now run the report per month in a financial year or by the financial year quarter.
    3. The option “Whole of financial year” will be available only for a financial year that’s over. Else it will be greyed out.
    4. The option “This FY to last month” will be available only for a financial year that’s currently in progress.

 

 

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