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Bank Rule - Set tax treatment (Inclusive, Exclusive, No Tax)

We have some suppliers that charge tax (e.g. VAT) and others who do not (e.g. from abroad).

On the bank rule creation/editing page, it would be useful to be able to specify the default taxation status (i.e. Tax Inclusive, Tax Exclusive, No Tax) for all transactions being processed by that rule.

This would save having to manually select the correct tax category on every bank rule transaction during reconciliation.

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Paul FitzGerald shared this idea  ·   ·  Report…  ·  Admin →
delivered  ·  AdminKelly Munro (Community Manager, Xero) responded  · 

Hi team, not having any response to our last update we will move this idea to delivered.  To confirm - when using bank rules to create transactions you can specify the tax rate that should be applied to the transaction within step 3 where you allocate line items. 

For example you can set if the bank rules created from certain suppliers would have VAT rate 20%, zero rated or No VAT.

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  • Paul FitzGerald commented  ·   ·  Report

    Hi - any update on this? It seems as though it should be a simple addition to the rule setup page.
    Thanks

  • Tim Bossert commented  ·   ·  Report

    By now it is not possible to change the tax default on the reconciliation screen (i.e. entering a bank tranaction). The default setting ("Tax Included") has always to be changed manually (into "Tax Excluded" or "No Tax").
    We would like to have the opportunity to for setting "No Tax" as default.

    Thanks for your attention,
    Best Regards
    Tim (Knightgroup International)