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  #1  
Old 07-05-2015, 06:22 PM
Dan Towler Dan Towler is offline
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Join Date: Jul 2015
Posts: 4
Importing CBA transactions adds GST

Hi.
I've successfully imported my CBA transactions into QBs and gone ahead and matched all transactions to accounts etc. All went really well - far quicker than manually entering each line item. But here's the catch/problem....

I found that most totals had GST added to them when entered into QBs! Ahhhh.
For example, my CBA transaction is say:
"OfficeWorks $100 for Ink cartridges" - on the CBA transaction list.
I match this up Ok to my OfficeWorks supplier (set to NCG tax code) and allocate it to "Office Supplies" and hit RECORD to register it. Excellent! But when I check the amount in QB later, I find the pre-tax amount is recorded as $100, then GST is added on that for a net amount of $110. ...making the recorded amount $110 instead of the correct $100 (with GST included).

I've played with various options to see if I have some configuration settings set incorrectly, but can't spot it.

I can manually adjust each transaction to check the "GST INCLUDED IN AMOUNT" and fix the NET and GROSS amounts, but it seems silly that it would add anything to the amount coming from the CBA transaction list. I would have thought it would either default to "GST INCLUDED IN AMOUNT" (the majority of cases) or default to nil GST paid. In any case, never change the total amount recorded.

I'm certainly a novice user of QBs so I presume that I'm simply not using the product correctly. I'd be grateful if someone could give me a pointer on how to import transactions more fluidly - and NOT have GST added (in error) to the amount imported from the CBA transaction list.

Thanks in advance for any advice.
Dan
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  #2  
Old 07-09-2015, 07:36 PM
Dan Towler Dan Towler is offline
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Join Date: Jul 2015
Posts: 4
Ok - so no input from anyone as yet. Early days I guess. I've done a bunch more investigation but there's no clear solution around this problem - not that I can find. The absence of a response might suggest there is no fix.

So I have also started to investigate what alternative products (to QB) might offer a more workable bank-feed solution - a massive time saver. The one that has jumped out at me being hugely supported and popular in AUS is MYOB. So I grabbed a FREE TRIAL from the MYOB SAAS (Software as a Service) offering and gave it a whirl. Whilst in trial mode, it won't allow me to real-time sync' with my bank accounts, but that option is there once subscribed. Potential! Ok - so I imported my transactions from the bank manually - just as I have to do in QB - same level of ease. But when importing into MYOB, Wow - what a difference! The transactions import beautifully and no errors or funny stuff with GST - like in QB. Matching was a breeze. So if I take that experience and add real-time bank feeds - available with subscribed MYOB, but not with QB - then that puts MYOB well ahead of QB in terms of speed, accuracy and ease of use.

But having said all this, I still have to muck about switching from QB to MYOB to take advantage of this - which I'm reluctant to take on. I'd much prefer to stay with QB if I can resolve the problems. Happy to keep manually importing bank feeds and forego realtime feeds in MYOB just to save the hassle of moving products.

So to all you QB gurus, it would be great if there's a fix to the Bank import issues I've outlined. Any ideas? Happy to try anything and/or explain things in more detail as required.
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  #3  
Old 02-04-2016, 08:55 AM
Ken B Ken B is offline
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Join Date: Feb 2016
Posts: 2
Quote:
Originally Posted by Dan Towler View Post
Hi.
I've successfully imported my CBA transactions into QBs and gone ahead and matched all transactions to accounts etc. All went really well - far quicker than manually entering each line item. But here's the catch/problem....

I found that most totals had GST added to them when entered into QBs! Ahhhh.
For example, my CBA transaction is say:
"OfficeWorks $100 for Ink cartridges" - on the CBA transaction list.
I match this up Ok to my OfficeWorks supplier (set to NCG tax code) and allocate it to "Office Supplies" and hit RECORD to register it. Excellent! But when I check the amount in QB later, I find the pre-tax amount is recorded as $100, then GST is added on that for a net amount of $110. ...making the recorded amount $110 instead of the correct $100 (with GST included).

I've played with various options to see if I have some configuration settings set incorrectly, but can't spot it.

I can manually adjust each transaction to check the "GST INCLUDED IN AMOUNT" and fix the NET and GROSS amounts, but it seems silly that it would add anything to the amount coming from the CBA transaction list. I would have thought it would either default to "GST INCLUDED IN AMOUNT" (the majority of cases) or default to nil GST paid. In any case, never change the total amount recorded.

I'm certainly a novice user of QBs so I presume that I'm simply not using the product correctly. I'd be grateful if someone could give me a pointer on how to import transactions more fluidly - and NOT have GST added (in error) to the amount imported from the CBA transaction list.

Thanks in advance for any advice.
Dan
I have this identical problem in Canada. Does anyone have a solution?
Thanks in advance.
Ken
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  #4  
Old 02-04-2016, 11:18 AM
Ken B Ken B is offline
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Join Date: Feb 2016
Posts: 2
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Originally Posted by Ken B View Post
I have this identical problem in Canada. Does anyone have a solution?
Thanks in advance.
Ken
I think that I solved this with the following rather arcane solution
chart of accounts / choose the bank account that the bank transactions are being imported into / edit account.
For "Tax-line Mapping" choose "<Not tax related>"
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  #5  
Old 02-04-2016, 08:43 PM
Dan Towler Dan Towler is offline
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Join Date: Jul 2015
Posts: 4
Better solution

I found an excellent solution. Switched to MYOB! Awesome tool. Should have switched years ago.
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