How to convert Gross amounts to Net when importing into QuickBooks

Background to the problem

If you are importing transactions into QuickBooks Online or (Reckon Accounts) you may have your import data as amounts including tax (ie Gross).  Currently QuickBooks Online will add tax to the gross amounts after importing despite in the import specifying that Global Tax Calculation is TaxInclusive, this results in incorrect Tax Amounts on transactions, this is a limitation of QuickBooks Online that Intuit are aware of, at the moment we have not been informed by Intuit of a fix to this issue.

Our solution

In order to display those amounts as including tax (Gross) in QuickBooks Online you will need to convert the amounts from Gross to Net during the import process.  Zed Axis provides a feature that will convert those amounts for you.  
  1. Axis checks to see whether you have mapped the Global Tax Calculation, a Sales Tax Code (LineItemSalesTaxCodeRef) and Amount (LineItemAmount) and will;
  2.  Lookup the Tax Rate (based on the Sales Tax Code you mapped) in QuickBooks and 
  3. convert the Amount from Gross to Net. (if you do not map these fields the conversion will not be able to process)
To turn this option on in Axis, click on the Import tab and then click the Options button and check the Convert gross to net option.  This will apply to all QuickBooks transaction types that have an amount and a tax code.


Important Update: For Reckon Accounts users If you experience incorrect values for the Gross to Net conversions when importing transactions can you please make the Tax Item List codes of  WET, WC and CDC Inactive, then retry the import.  We have noticed some irregularities with tax rates when these tax codes are Active.