cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Get your Payroll questions answered by a QuickBooks Product Manager here - https://intuit.me/31Nl3My
Hamid_Khan
Level 1

Product / Service Quick report

Has anyone ever understood why the Amount Column and Net Amount Column always show the same value even though there is a Tax Code of 20% and a Tax Amount Value?

 

QBO engineers say "the report is working as designed" but has it been designed by someone who doesn't understand the difference between "Amount" (implying Gross) and Net Amount when there's obviously a Tax Amount (VAT) to subtract from Amount to arrive at Net Amount? And I am being polite here as it is such a basic "accounting" principle.

 

Answers on a postcard please!!

 

2 REPLIES 2
Mark_R
QuickBooks Team

Product / Service Quick report

Hello there, @Hamid_Khan.

 

Currently, the Product/Service QuickReport is unable to report the gross amount. The Amount and Net Amount columns are the same whether the items are inclusive or exclusive of tax.

 

As you notice, the amount showing in the report is different from the original amount of the transaction. It's because the amount is already deducted from the Tax amount (VAT). You can consider clicking the amount from the report to review the transaction.

 

You might also want to check out these articles to learn how to manage your products and services: 

 

Please know you can continue to reach me here with any additional questions. Thanks for coming to the Community, wishing you continued success.

Hamid_Khan
Level 1

Product / Service Quick report

Mark,

 

You've just told me what I already knew!!

 

The design is wrong and it is very simple to change.

 

What is a point of a report with 2 distinct headings but the same values where as one of them could be the Gross so that the report is much more useful?

 

I don't want to see 2 columns with the same values, tell me the logic or benefit in that?

 

And tell the Engineers to stop treating us like fools. Whoever coded this report has got it wrong. There are no equivalent report in QBO that shows Gross, VAT and Net, are there?

 

I am frustrated by the lack of understanding of the so-called Engineers.

 

Below is the reply I received after allowing your support team on my QBO. If you understand what they are saying please explain (no you don't have to).

 

Good day!

I believe we have pending case about the report for product/service quickreport: van sales.

 

Upon checking by the back end team using your account, the posting of the amounts in the reports are working as designed.

The Net Amount figures are the figures before adding vat and the amount posted in the sales account. If you check the bill of the customer the £917.36 is inclusive of vat, which means you need to reduce the vat amount to get the net figure which is £764.47 (£917.36 / 120%). If you also check the journal entry of the bill (more > transaction journal) the £764.47 is the amount posted in the Sales account.

The calculation of the rate will follow if it is inclusive or exclusive. Since they set this as inclusive of tax, the calculation of the rate is same with the above.
 

Need to get in touch?

Contact us