payment of taxes is something which is very important in accounting.
at present Manager does not provide any details to the user when the tax is due for payment and how much is to be paid.
the tax payable amount shown in the Summary page is a continuous ledger which shows the balance as on date. but the liability to be paid to the tax authority is usually as of the last date of the month or year (in India it is to be paid monthly).
also, there is a due date for payment of taxes, which is the 20th of the succeeding month in India.
my request is to show the Tax amount due as a reminder on the Summary page meeting the following requirements.
the tax amount due as of a particular date set by the user. for example the last date of every month or the last date of the financial year.
ability to set a due date for payment of the taxes. 20th of the succeeding month in the case of Indian users.
countdown to the due date after the as of date has passed. for example, if the as of date is set as the last day of every month, then the countdown would start on the 1st of Feb for taxes due for the month of January.
if the user had not paid the taxes, show the amount and overdue days wrt the month.
Some points to note,
a) if the tax amount as of date set is a credit amount i.e. to be paid by a cash or bank transaction, the reminder can be hidden after such a bank or cash transaction has been entered in Manager.
b) if the tax amount as of date set is a debit amount i.e. adjusted against the ITC, the reminder can be hidden after entering a receipt similar to the Withholding tax method available in Manager.
@lubos please give your opinions and if possible kindly consider as a suggestion for improving Manager.
The potential for misunderstanding and confusion would be high. You have described a situation that might work under a straightforward input/output offsetting VAT scheme. But many users operate under more complex VAT regimens or entirely different tax systems, where factors besides the balance of the Tax payable account must be considered. Such a feature could easily lead the inexperienced user into trouble as they rely on features whose operations are largely invisible and whose settings they have perhaps entered and forgotten.
1)if you remember my question was related when I said is there any way we can get report of B2B invoices, we have to file input report for B2B invoices, by the end of every month in GST. it is very difficult to segregate the invoices from B2C.
2) in both the cases whether credit or debit one has to file return so not only reminders but we should be able to generate tax filing reports as well like other software’s in India.
thanks for explaining. i actually had created the topic from the perspective of GST tax system in India.
so maybe a provision to show everything as suggested except for the tax amount can be implemented? that would globally be accepted since we are not going to show the tax amount as the calculations would vary as you say.
it would remind the user of the tax status like @Abeiku commented.
I would rather not incorporate generate tax form within manager due to short term changes way too frequent. I even have to change tax books every semester. However, I did suggest for adding calendar feature within Manager easy to track due payment, tax submission and what not.