XBert Type: Standard
Accounting Software: Xero, MYOB, QuickBooks
Country Restriction: CA only
Risk Type: Tax Risk
Business Function: Purchases
Overview
This XBert alert identifies discrepancies between the GST number on a bill's attachment and the GST number recorded for the supplier in your accounting software. Such mismatches can lead to compliance issues and affect the accuracy of your tax reporting.
What it does
XBert scans bill attachments to extract any GST numbers present. It then compares these extracted numbers with the GST number recorded for the supplier in your accounting system. If a discrepancy is found, XBert generates an alert to notify you of the inconsistency.
How it works
When a bill with an attachment is entered into your accounting software, XBert performs the following steps:
Extracts GST Numbers: XBert scans the attached document(s) to identify any GST numbers present.
Compares with Supplier Record: The extracted GST number(s) are compared against the GST number recorded for the supplier in your accounting software.
Generates Alert: If a mismatch is detected, XBert generates an alert to inform you of the discrepancy, allowing you to take corrective action.
Example/Use Case
Consider a scenario where Alex, an accountant at GreenTech Solutions, processes a bill from Eco Supplies. The bill has an attachment—a scanned invoice—that lists the GST number as 123456789. However, in GreenTech's accounting software, Eco Supplies is recorded with the GST number 987654321. XBert detects this mismatch and alerts Alex, prompting him to verify the correct GST number and update the records accordingly.
Accounting software
This alert is compatible with major accounting software platforms, including:
Xero
MYOB
QuickBooks
Which countries it supports
This XBert alert is currently supported for businesses operating in Canada.
Processes
This alert falls under the 'Compliance' category, specifically addressing issues related to purchases and accounts payable.
To resolve this issue:
Review the Bill and Attachment: Check the GST number on the attachment and compare it with the supplier's recorded GST number in your accounting software.
Update Records: If the GST number on the attachment is correct, update the supplier's GST number in your accounting software. If the attachment is incorrect, request a corrected document from the supplier.
Consult with Supplier: Communicate with the supplier to ensure their records are accurate and up-to-date.
Use "RESOLVE NOW": Within XBert, select "RESOLVE NOW" to address the alert and document the actions taken.
By promptly addressing these discrepancies, you maintain accurate records and ensure compliance with tax regulations.