General Ledger Reports
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      3. General Ledger Reports

      Tax Accrual Basis Report

      Overview

      Accountability's Tax Accrual Basis Report  can be used as a valuable tool for tax planning and budgeting. By providing an accurate and up-to-date assessment of the current tax situation, businesses are able to plan ahead with confidence and make informed decisions about their financial future. The Tax Accrual Basis Report helps businesses remain compliant with the latest tax legislation, avoid unnecessary penalties, and optimize their tax strategies.

       

      Set Up Tax Codes

      Navigate to the Set Up Files menu > select the Tax Codes option. A Tax Code record must exist to have the system calculate and report tax. Refer to this page for instructions on how to set up a Tax Code.

       

      Requesting the Tax Accrual Basis Report

      Navigate to the Accounting menu > select the General Ledger option > select General Ledger Reports. The General Ledger Reports page will open and reports will be grouped by type. Expand on the Tax Reports section and click on the Tax Report - Accrual Basis option.

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      Report Parameters

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      Use the following options to define the parameters for the Tax Accrual Basis Report.

      Option Definition
      From/To Accounting Year and Month Select the Accounting Year and Month range for your report. The system defaults to the current accounting month and year.
      Use Transaction Accounting Month Select this option to report by the accounting month defined at transaction entry.
      Use Tax Point Accounting Month  Select this option to report by Tax Point accounting month defined at transaction entry.
      Summary The Summary version of the report will summarize by tax type (i.e., input versus output tax) then by source (i.e., client invoices or GL accounts), the taxable and nontaxable values along with the taxes calculated.
      Transaction Details The Transaction Details version of the report will group the report by tax type (i.e.  input versus output tax) then display the details of each transaction, such as the employee and expense claim number if the transaction type is a supplier invoice.
      Group By Tax Code Check this box to group and show the tax code.

       

      Note - The Use Tax Point Accounting Month is only applicable if the option to Use Tax Point is set from the Set Up Files menu > Other Options section.

       

       

      Filter Data on the Tax Accrual Basis Report

      You can chose to filter on a specific entity or select office(s) to appear on your report.

      Select the entity defined in the Entity dropdown box or check the Offices to be included on the report.

      Note - you can only select multiple offices with the same home currency. In the example below, offices Amsterdam and Paris have the same home currency of Euro (€).

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      Select Preview, Export, or Excel to produce your report.

       

      Notes on the Tax Accrual Basis Report:

      1. Reverse Charge Tax appears only if a reverse charge tax code was created and linked to the either the output (client invoices) or input (supplier invoices) transactions. 

      2. The CGST, SGST, and IGST columns only appear if the transactions are linked to an office which has a country of India defined.

      3. Reverse Charge, CGST, SGST, and IGST are are defined on the Tax Code page. Click here for more information on how to set it up.