Total income from profit and loss doesn't match income from sales tax liability report. How do you determine the difference and why is there a difference.

Trying to do a GST reasonablity check and the income between the 2 reports (profit and loss vs tax liability) has a large discrepancy.  Can't figure out how to see any carry-forward amounts or even see what accounts each transaction is coded too.

Answer

Good afternoon bev!

Certain transactions aren't included in both reports. A product/service with an "out of scope" sales tax wouldn't be included on the sales tax report. Another example would be a transaction where it's entirely sales tax (like recording tax on an imported good). If you'd like help figuring out which specific transactions are causing the difference, I recommend giving us a call at 1-855-253-1536. Our phone agents can use screen share to help you get that figured out. 

We look forward to hearing from you. Take care and have a wonderful day!

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