AccountsPrep - Taxes Report

An overview of Taxes Reports in AccountsPrep.

AutoEntry Support Team avatar
Written by AutoEntry Support Team
Updated over a week ago

Objective

The taxes report shows a breakdown of goods & services tax (VAT, GST or Sales Tax depending on your region). This article will go through the best practices when using this feature.
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Applies To

  • AccountsPrep integrated companies.

Procedure

The taxes report is based on entries made via Sales batches and Expense batches.
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Selecting the Date Range

  • Select the From/To date range for the period you require.

  • By using the Preview or Save buttons, you can decide whether to see these settings as a once-off instance, or save it for the next time you open the report.

  • This is useful if you are focusing on one particular reporting period (bi-monthly/quarterly etc.) at the time.
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Detailed or not?

  • In the display settings, you can choose to show detailed report or not.

  • This simply allows to show either the transaction lines, or just a high-level balance per tax rate.
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Choosing 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 would 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 will have a better view and breakdown of accurate sales and expense records within the AccountsPrep general ledger compared to Excel, and you can review and edit on the go very easily!

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