Tax code Exception Report

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Narelle_6584264
Narelle_6584264 Member Posts: 4 ✭✭
in Accounts Hosted

Hi , I am hoping someone can help me. I'm new with Reckon hosted. we have a credit card that we use to pay bills with. The bank automatically takes out the amount of the credit card from our bank account. I reconcile the credit card and then write out a cheque for the amount. But now the payments I have been making from the bank are coming up on the Tax Code Exception Report. I don't know how to fix this. Please help.

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  • Narelle_6584264
    Narelle_6584264 Member Posts: 4 ✭✭
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    Yes thank you. So the cheque does not get coded?

  • Kris_Williams
    Kris_Williams Member Posts: 3,293 Reckon Accounts Hosted Expert Reckon Accounts Hosted Expert
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    No, because you’ve already coded the individual credit card expenses - correct?

  • Acctd4
    Acctd4 Accredited Partner Posts: 3,408 Reckon Accounts Hosted Expert Reckon Accounts Hosted Expert
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    @Narelle

    Yes, I agree with Kris - You should have all the expenses already entered with applicable tax codes.

    The credit card payment is simply a movement of funds from your bank account to your credit card account (like a loan repayment) The credit card balance is not an expense, but a liability (eg that you owe) - The taxable transaction is the goods or services actually purchased.

    The Tax Code Exception Report is a good way to check you haven't forgotten to code something that should be! In this scenario, the repayment should definitely NOT be coded (if you've entered the Bills/Receipts/ Credit Card Charge transactions) 😊

    Shaz Hughes Dip(Fin) ACQ NSW, MICB

    *** Reckon Accredited Partner (AP) Bookkeeper - specialising EXCLUSIVELY in Reckon Accounts / Hosted ! ***

    * Regd BAS Agent (No: 92314 015)* ICB-Certified Bookkeeper* Snr Seasonal Tax Consultant since 2003 *

    Accounted 4 Bookkeeping Services

    Ballajura, WA

    shaz@accounted4.com.au

    https://accounted4.com.au

    (NB: Please give my post a Like or mark as Accepted Answer if I have been able to resolve your query as this helps others when seeking solutions!)

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  • Kris_Williams
    Kris_Williams Member Posts: 3,293 Reckon Accounts Hosted Expert Reckon Accounts Hosted Expert
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    I believe this report shows things that don’t go on BAS, I never use it. The cheque that you write out for the credit card is not meant to go on BAS. - is this what you are asking?

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