Hello there, attention2detail.
We're unable to automatically deduct the expense created. We'll have to manually categorize them so they'll show as deductions on our reports.
After we've manually entered the transaction and categorized as expense, we can pull up the Tax Summary report to see if it reflected as deductions. Let me show you how to do it:
- Go to the Reports menu.
- Under the Tax summary section, select 2020 tax year from the drop-down.
- Click View.
- Under the expense category we used for the transaction, let's check the amount if it added under Deduction column.
Let me know if you need more help with managing your transactions. Thanks!