Hi There,
Is it possible to get a detailed report that shows all invoices, tax charged and payments received with dates so that it is easy to filter tax payable quarterly?
Have you looked under REPORTS - Tax Reports ???
Yes I have, however, what I am looking for is a report that will display the following columns
Invoice Date / Number / Customer / VAT Charged / Invoice Total / Receipt Date / Amount Paid
Invoices issued are VAT related and therefore included in tax reporting.
Invoice Payments aren’t VAT related and therefore aren’t included in tax reporting
Another words, if an invoice has no payment, part payment or full payment makes absolutely no difference to the tax payable quarterly
We operate in Swaziland and we only pay tax on monies received not monies invoiced. So, to make it easier to pay the tax due every three months, it would be easier to run a report to show what was received and pay tax accordingly.
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@strydomc, are you aware you can create Profit and Loss Statements (or the various tax reports) for any desired period?
Your postings are somewhat contradictory. You mention VAT, but also being taxed on “monies received.” If you are paying tax on monies received, that sounds like an income tax, which is not calculated by any accounting software I know about, because there are usually so many rules about what is taxable, what deductions are allowed, etc. I don’t know, but doubt that you are actually taxed on “monies received,” but more likely on income earned. Or possibly you meant the VAT portion from sales invoices the customer has paid. Can you clarify?
My apologies, I meant the income tax. I want to be able to see the income tax that I need to pay after payment is received from our clients.
Then the proper course of action is to design your chart of accounts to furnish income and expense information in categories that fit the calculation and reporting requirements in your tax jurisdiction for your type of business organization. Generate a P&L Statement for the quarter, and the figures will support your calculation. If required, you can even switch between accrual and cash basis accounting for an individual report.
As I said, though, neither Manager nor other accounting software will calculate your income taxes for you, because there are factors outside their knowledge. VAT, sales tax, and similar transaction-based taxes are different, because they are precisely determined by facts in the database.
Go to Reports - Profit & Loss, enter the quarterly dates required and select “cash basis” now the income / sales accounts will “only” show payment values received from clients - not invoiced values.
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Thank you, this has been helpful. I got exactly what I was looking for. 