Besides a breakdown in categories in the Tax Audit report how do the Tax audit and Tax summary reports differ in their calculation? I ask because I’m getting two different numbers for the incomes and expenses. For example my tax summary shows :
whereas my tax audit report shows:
The tax audit report matches with my general ledger but I can not get the tax summary to match with anything. Any help will be appreciated
Tax audit is basically a trial balance segmented by tax code. It’s only useful to make sure all transactions posted to certain accounts have correct tax code. For example, all your sales should be subject to
GST 10% or
GST Free so tax audit will easily show you that you don’t have any transactions posted to sales account without specifying tax code.
Tax summary will definitely match with tax audit but you need to realize that amounts posted to income accounts as per
Tax Audit will be tax-exclusive amounts (as tax will be posted to liability account separately). The total under
GST 10% column as per tax audit should always equal to
Net Sales minus
Net Purchases under tax summary for
GST 10% line.
I found out I may have to tweak how I’m recording things for it make more sense. One of my expenses, which mostly get recouped, has amounts in both the debit and credit columns of the general ledger. This credit was being included in the tax summary figure whereas in the profit/loss, tax audit and nearly every other report it isn’t. In those only the difference is recorded in the expenses and ignored as income.
@lubos Why Mine is not balanced? Also, I made a journal entry about tax but it’s not showing in my Tax Summary. Please help me. Thanks
This is my Tax Summary
This is my Tax Audit
And this is the Journal Entry that is not reflecting.
It is not possible to answer your question with the information you have furnished. You would need to show the Edit screens for all transactions involved, something that is obviously impossible. But the following observations are possible:
- The two reports show different things. They are not intended to “balance,” necessarily, whatever you mean by that. Read the earlier posts in this thread.
- If you think the journal entry is not properly included, show its Edit screen. It is not possible to tell anything about taxes from the View screen, as all amounts in that screen are tax-inclusive.
Based upon the information you have furnished, your Journal Entry is incorrectly created.
The first line “Prepaid Rent” should be Debit with 70,483.00 and then with the “Tax” selected as 5%. That is, you enter the amounts as tax inclusive. In the following example I have used 10% tax.
The only transactions that get directly posted to the “Tax Payable” account are payments to or refunds from the tax authority.
Hi. Why my Tax Payable became zero? Is there any changes in System? What happened. It doesn’t show any amount.
Please do not double post your questions. And do not divert topics. Your question has nothing to do with differences between Tax Summary and Tax Audit Reports.
I’m sorry but I really need an answer to my question. Coz I need to report to management. Hope to get a clear answer
This is what my Tax Summary looks like. No tax shown
The answer is in the other topic where you asked this question
No. Coz even my Vat on Sales is missing. All my VAT records are gone. @Tut @lubos @Joe91 @Brucanna @cantanga Please help me with this matter.
To my Main Branch, everything is ok, the Tax Payable is still showing. Why on my Branch1, the Tax Payable is gone. Hope to have an immediate response as I have to report to Management. Thank you. @tut @lubos
This image shows that my VAT on sales is gone.
@reymart02 show edit screen of your tax code. Probably your tax code is misconfigured.
Kindly find the attached images sir. Thanks
Flat rate option.
Thank you so much sir. You saved me
Could it be a bug since he is not the first one who is having this issue?