The taxes report is based on entries made via the Sales batches and Expense batches.
It will give you a breakdown of goods and services tax (VAT, GST or Sales Tax depending on your region).
Access
To access the Taxes Report:
In AccountsPrep, click Reports.
On the dropdown, click Taxes Report.
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.
Export
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.
You currently compile the VAT returns in Excel on behalf of the client
We suggest uploading this data via a sales/expense batch at each period during the year (showing net/tax/gross per line).
Your client manages their Vat return themselves
You can upload their data via a sales/expense batch at year-end to have consistent records in the annual accounts compilation.
📎NOTE: The AccountsPrep general ledger will give you a better view and breakdown of accurate sales and expense records compared to Excel.