Reports

We're here to help you, AdanM.

Your question is tagged to the US. However, it seems like you're not in the United States because you mentioned VAT instead of Sales Tax. Can you please give us more details about your tax setup, your country, and the QuickBooks version you use? Also, please include the name of the reports that you're running, so we can replicate and show the VAT details using our test accounts.

Thank you in advance.

Thank you for your response Jess.

I'm in Kenya. I use Quickbooks online and I was running a report on expense by supplier summary but the totals I got after running the report exclude the tax amount.

I would like to know how to go about this

You can run the Transaction List by Supplier report, AdanM.

I do appreciate the detailed response and clarification of your concern. If you'll want to include the tax amount in your expenses, you can run a detailed report such as the Transaction List by Supplier. Let me show you how: 

1. Go to the Reports menu.
2. Enter in the search field Transaction List by Supplier and select it.
3. At the upper-right, click the small gear icon and then Show more.
4. Check the Tax amount box. 
5. Select Run report to refresh. 

You can check out these links on how to customize reports and handling your taxes. 

Keep me posted if there's anything else that you need help with. Take care!

The summary of the P&L account is understated by the VAT equivalent. How can this be rectified.

Did you manage to sort this?

Hello there, cherop1.

Thank you for sharing your concern in the Community.

I understand that you wanted to know how to correct the P&L account. However, you've mentioned VAT instead of sales tax because your question is tagged for the US.

Can you please give us more information about your concern, most especially what is the name of the report that you're working on as well as your country? This way, we'll be able to help and provide the correct resolution to your concern.

Let me know if you have additional questions in managing reports. I'm always here to help. Have a good one.
 

Dear Jesst,

I am based in Kenya and using QuickBooks online. We purchase various items inclusive VAT so when we post in quick books as "Inclusive VAT option" however when you generate the P&L Report the same expense lines are indicated less VAT. This therefore means that the P&L expenses are understated.

Find the P&L report for the same

Welcome to the Community, @cherop1.

I'm here to provide some insights on how VAT works in QuickBooks Online. When you use VAT on your transactions, this does not show on the Profit and Loss report, this is recorded in the VAT Control account. This account is a default account used for tracking transactions with a VAT code that has not yet been filed. 

In case you'll need to submit a VAT return in QBO, see this article for guidance: Submit a VAT return in QuickBooks Online. 

Keep me posted if you have further questions about managing your transactions in QuickBooks. I'm just a post away to help.  More power to your business. 

What is P&L account, it is an account that summarizes total income and expenses. An income is derived from sales which is sale price +VAT and expense is derived from a purchase price + VAT.Now the P&L account excludes VAT in the total amount meaning the P&L account is understated. It doesn't give a true and fair position of  the income and expenses.