Reports - Viewing Split Transactions in a single line?

BenjerBenjer Posts: 7Expensify Customer Expensify Newcomer

I would like to be able to view a report that lists transactions with split categories as one single transaction. We are a non-profit and the way our state works, we keep track of the sales tax we spend and get reimbursed for sales tax. Because of that, it's very important we split every single transaction with sales tax, with the sales tax having its own category, so that we can accurately report our sales tax to the state. Most of our transactions, as a result, are split. But it is really confusing to view a report that lists receipts with two categories as two separate transactions, especially if I'm searching for a specific transaction. Is there a workaround for this?

Answers

  • RachCHopkinsRachCHopkins Posts: 932Expensify Success Coach - Admin Expensify Success Coach

    Hi @Benjer have you considered using Tax Tracking? Tax is not an expense, so I would not recommend splitting it into a separate line item.

    Read this to find out more about how tax tracking works.

  • BenjerBenjer Posts: 7Expensify Customer Expensify Newcomer

    Thanks so much! This would be great solution, but as a nonprofit in Utah, we do need a category in our books to track sales tax for this reason: Lets say that I purchase an item for an event for $100. If sales tax is 7%, the item costs $107. I need our books to reflect in that transaction that $100 was for an "Events" category, and $7 was sales tax, because we will eventually be reimbursed for that amount as part of one lump sum of all of the sales tax we paid for a certain quarter. After the state sends us our sales tax reimbursement (which we request each quarter), that gets credited into our Sales Tax category.

    It sounds like this would be more of a "class" type function where we can know how much sales tax we spent, but it wouldn't show up in our books as a separate category.

  • RachCHopkinsRachCHopkins Posts: 932Expensify Success Coach - Admin Expensify Success Coach

    Hi @Benjer, this is really a function for your Tax software rather than Expensify.

  • BenjerBenjer Posts: 7Expensify Customer Expensify Newcomer

    Hi, Rach... (By the way, I'm pretty sure you also just helped me with a support issue...thanks!) We don't have tax software...we just use Quickbooks through our bookkeeping service.

    I think we've strayed away from my initial question: "I would like to be able to view a report that lists transactions with split categories as one single transaction." When I look at a report, a split transaction shows up as two separate transactions. This makes it tough to search for or reference one particular transaction if all I have is the final total, especially if it's a vendor we have hundreds of transactions with. Does that make sense?

  • RachCHopkinsRachCHopkins Posts: 932Expensify Success Coach - Admin Expensify Success Coach

    Hi @Benjer, yes it does make sense, but splitting an expense is specifically designed to make it two or more completely separate expenses. :)

    I recommend you use Tax tracking, and get your tax figures/deductible amounts from QuickBooks. Does your bookkeeper handle your tax returns for you?

  • BenjerBenjer Posts: 7Expensify Customer Expensify Newcomer

    Hi! No, we don't have tax returns. It's just a report that we send to the state to be reimbursed just for sales tax. I will check with our bookkeeper.

  • BenjerBenjer Posts: 7Expensify Customer Expensify Newcomer

    Last question: Is there a way to simply have one expense spread across multiple categories?

  • Sheena TrepanierSheena Trepanier Posts: 1,914Expensify Success Coach - Admin Expensify Success Coach

    Hi @Benjer, happy to chime in here. There isn't a way at this time to apply multiple categories to an expense, sorry about that. You can add multiple tags to an expense however that may not fit your workflow very well.

  • PKMPKM Posts: 3Expensify Customer

    Here is what I would do (just starting): Assuming you have similar expenses in a single category but some attract tax and others either (1) create duplicate expense categories for those expenses that attract tax. at the end of the year, calculate the tax on those duplicate categories. Or set up a category for sales tax and capture the tax amount and Expenses # (Ref Number) for each transaction (that has been tagged as a transaction) that attracts tax. Assuming you don't forget to also enter the refunds into a specific "tax refund" category.

  • BenjerBenjer Posts: 7Expensify Customer Expensify Newcomer

    Thanks, PKM. However, since our bookkeeper imports our expenses into QuickBooks, our categories are imported from QB.

Sign In or Register to comment.