Opening Balances on Separate Tax Components

1

First - Thanks for this excellent piece of frequently updated software.

My apologies if this has been discussed previously, but I could use some guidance. We’re moving from a difference system to Manager, and the only real issue we’re encountering rests in entering opening balances for tax payable.

We’re working with a year that contained a two-component tax, one at 8% and one at 5% for separate levels of government. The previous year, there was tax payable for both the 8% and 5% taxes, and these opening balances need to be entered separately as per our Accountant. I don’t see any way to enter these balances separately. It does seem that Manger tracks them separately as they seem to show separately in the Tax reports.

Any suggestions?

2

Currently, amounts from all tax codes are posted into one account which is Tax payable. That’s why it’s possible to set only combined opening balance for all tax codes.

This is not an issue if you pay taxes to single tax authority only. However in your case, I can see why you need this.

There are some improvements coming soon to tax codes and this will be addressed.

3

Any idea when this will be available?

4

As per roadmap, it’s #2 on the list.