To access the Taxes Report:
In AccountsPrep, click Reports.
On the dropdown, click Taxes Report.
The taxes report shows a breakdown of goods & services tax (VAT, GST or Sales Tax depending on your region). It's based on entries made via Sales batches and Expense batches.
Settings
Select the date range
Click Settings, then select a 'from' and 'to' date for the period you require.
Click Preview to see what the changes will look like. Click Save to confirm the changes for the next time you open the report.
Show detailed report
Click Settings, then select Show detailed report.
This allows you to see either the transaction lines or just a high-level balance per tax rate.
Exporting
Click Export to Excel to export the on-screen results to Excel.
When to use the Taxes Feature
How or whether you use the taxes report all depends on the client and how you decide to write up their accounts.
If you currently compile their VAT returns in Excel, we suggest uploading this info via a sales/expense batch at each period during the year (showing net/tax/gross per line)
If your client compiles it themselves, then consider uploading this data via a sales/expense batch at year-end to have consistent records in the annual accounts compilation
Either way, you’ll have a better view and breakdown of accurate sales and expense records within the AccountsPrep general ledger compared to Excel.