cancel
Showing results for 
Search instead for 
Did you mean: 
SteveSRD
Level 1

Combining multiple bank entries into a month end bill from a supplier

Hey first post here,

 

I have a problem with three providers (the bank itself and a two credit card companies), which charge me on the transactions during the course of the month.

 

Then on the last day of the month issue a Tax Invoice which covers those transactions which I have already paid and assigned (to "Bank Charges").

 

How do I split them off so as not to mess up the bank reconciliation but get to register the tax invoice for submission to tax authorities? is it possible?

 

Thanks

 

 

Steve

5 Comments
GNJRox
Level 4

Combining multiple bank entries into a month end bill from a supplier

It sounds like the "Tax Invoice" you are getting is more or less a statement showing how much you paid to those taxes.

 

If the entire fee covers the tax, assign it to for example, "Taxes - Other" instead of Bank Fees. If there is a bank fee involved, you can split the expense once you get the statement to account for the bank fee and balance your tax expense account.

 

 

GNJRox
Level 4

Combining multiple bank entries into a month end bill from a supplier

Fill free to message me. I can take a look at the Tax Invoice for you and properly tell you how to record it. 

SteveSRD
Level 1

Combining multiple bank entries into a month end bill from a supplier

In the case of the bank charges there's actually no TAX on the services.

 

On the credit card fees yes has our VAT which is 18% of the amount.

 

But yes as you say its actually a statement of the payments already made during the month (which how I register now are on my expenses report), but if I input the final bill on the 31st I now have all those transactions twice on expenses.

 

If I go back and delete them when I get the invoice it screws up the bank register.

 

I hope I'm making sense here. I'm not in the US, so here we have a reference which appears on the statement which we report and the supplier reports which have to reconcile at the tax authority. This is the one we report each month.

 

Its like prepayments against an invoice not issued yet. Could I set them up as a supplier, assign payments to AP and that supplier, then when the invoice comes in, add the invoice and list it as paid maybe?

 

Did I just answer my own question? :)

SteveSRD
Level 1

Combining multiple bank entries into a month end bill from a supplier

 
AlexV
QuickBooks Team

Combining multiple bank entries into a month end bill from a supplier

I'm joining this thread so I can show you how to record a prepayment against a bill, Steve.

 

You can record it using the Expense feature. We just need to categorize it under Accounts Payable so we can apply it to the bill. You can follow these steps:

  1. Go to the + New and select Expense.
  2. Select a Payee and Payment account.
  3. Under the Category column, select an Accounts Payable.
  4. Enter all details needed, then click on Save and close.

Then, create a bill once you received the invoice from your supplier. Lastly, let's apply the prepayment to the bill. This is how to do it:

  1. From the + New button, click Pay bills.
  2. Select the Payment account and check the bill.
  3. The prepayment will display in the Credit Applied column.
  4. Click Save and close.

I've added this article if you need to record a retainer or deposit from your customers.

 

I'll be here if you have more clarifications. Wishing you all the best

Sign in for the best experience
Ask questions, get answers, and join our large community of QuickBooks users.
Sign In / Sign Up

Need to get in touch?

Contact us