Tax Reporting—Exercises
IMPORTANT |
It is extremely important that you set up and work within your own
company to maintain your data integrity. If you work within any other
company, your exercises will not function as intended and the data of
other students might be affected. Predictable exercise results require
that your data is isolated in your own company. |
Required Data
Tax Transactions
Purpose: The purpose of this exercise is to show you how to
enter tax
accounts and tax transactions and update them to the general ledger. These
transactions will be used
in the exercises below.
- Enter tax accounts.
General Exercise for
Accounting
Rules – Accounts
- Enter tax transactions as manual vouchers, and update them to the general
ledger. Remember to enter tax codes in the manual voucher. The Manual
Postings exercise
only describes how to enter a simple manual voucher.
General Exercise for enter Manual Postings
Main Exercises
Purpose: The purpose of this exercise is to show you how
to retrieve data from the general ledger into the tax ledger for reconciling and
reporting.
Windows:
Fetch Tax Ledger Info
- Open the
Fetch Tax
Ledger Info window.
- Press OK.
Note: To avoid discrepancies between the tax ledger and
the general ledger, it is recommended to use the Schedule… possibility, i.e. you
make use of the recurring execution e.g., on a daily basis.
Purpose: The purpose of this exercise is to show you how to
get an overview of and
verify information taken from the general ledger.
Windows:
Tax Transactions
- Open the window Tax Transactions, and populate it (F2).
- Select a row, right-click, and then click Voucher
Details.
This takes you to the voucher as it is stored in the general ledger,
and all posting lines are shown. Close the detail window.
- Select a row again and right-click, but this time click
Modify Tax Transactions.
- Mark Enable Change of Tax Number check box,
enter a new tax number in the Tax ID Number field and save.
- Populate the overview window. The new tax number appears.
Purpose: The purpose of this exercise is to show you how to
get an
overview of all tax accounts, sorted by account number, year, and period
Windows:
Balance per Tax Account
- Open the Balance per Tax Account window, and populate it (F2). The information
that appears is sorted by
year, period, and tax account.
- Select a row, right-click, and then click Tax Transactions.
This opens a separate window showing all postings that refer to this account.
- Select a row, right-click, and then click Voucher
Details. Now you can proceed further to the single voucher.
Create a Tax Report Proposal
Purpose: The purpose of this exercise is to show you how
to extract data from the tax ledger and prepare a report for the tax office.
Windows:
Automatic Tax Proposal
- Open the
Automatic
Tax Proposal window. Right-click and then click Load New Proposal.
- Enter a description for
your proposal.
- Select your tax office
from the List of Values (F8).
- Select the SALES tax
report.
- Select the day or period
range. This depends on your customer and supplier invoices and payments. The
default is the actual period-1.
- Click OK.
- Open the
Automatic
Tax Proposal window. The status of the proposal is Created.
- Select the row,
right-click, and then click Details. Check the entries. You should
see customer-related postings only (F and N voucher types). Close the
Automatic
Tax Proposal Details window.
Note: Within the detail window, one or more postings can
be selected and deleted. This means that these postings are not used in this
proposal but remain in the tax ledger for further use. You can also right-click
in a row and select Update Sub Group to correct or modify the sub group
ID for a detail line.
- Right-click and then click
Acknowledge. The status of the proposal changes from Created to
Acknowledged.
- Right-click and then click
Print Definitive Report. You will get a printout of the tax data that
is ready to be sent to your tax office. The proposal is set to the
Reported/Valid status.
- Repeat steps 1–10 using
PURCH tax report instead.
Note: The status of the proposal is repeated in
Query Tax Transactions. After printing the definitive report, every transaction
is set to Reported. You can optionally print a preliminary report before
acknowledging the report proposal, so that transactions will remain in the
status Created.