This feature is only available on the Streamline and Optimize plans.
Sometimes receipts from restaurants will total the meal + taxes + a tip. The food and taxes are usually listed on a receipt, and the tip and total on a credit card slip.
When submitting to Receipt Bank, it’s best to take one picture of the two of these slips side-by-side. This way, Receipt Bank will be able to extract the proper total, as well as the tax amount.
You can split out the taxes and the tip by following these steps:
- Line 1 (the meal): Select "Extracted amount" from the tax drop-down and type in the tax amount.
- Line 2 (the tip): Select a 0% tax rate from the drop-down list.
- Leave the tax field on : "Extracted amount"
- Click On "Create Line Item"
- On the first line, enter the total amount of the meal(including taxes)
- Select the custom group tax code created in QBO.
- Add a New Line
- Name this tip & add the amount of the tip making it exempt.