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Sales Tax ReportingIt has been found to be useful to have a separate tax reporting module
within CentreBill and to not rely on the reports generated by the accounting system; in the past the accounting system's tax reports have found to be inaccurate when importing financial transactions via the GL
transactions method. This will not be the case for all accounting systems, however.
CentreBill thus offers the following functionality:
Based on a specific date range entered, typically that corresponding the tax reporting period as
required in the state or country where the provider is conducting business, CentreBill generates four report options:
- Tax Cash Summary
– in some countries, and specifically for smaller businesses with a turnover below a certain threshold, the tax payable to the receiver is based on the actual
cash income received during the reporting period, not on the invoiced amount. This report provides a single summary line item which is then submitted to the receiver.
- Tax Cash Detail
– this report details a full breakdown of all receivables which make of the Cash Summary report.
- Tax Accrual Summary
– more typically, tax is payable on the invoiced amount in a taxable period, and not on the actual cash received. This report is the summery report which shows
both the invoiced total raised and the sales credits given during the tax period. The sum of the two is then the total amount payable to the receiver.
- Tax Accrual Detail
– this report shows the details for each transaction which makes up the Tax Accrual Summary report.
The report below is the Tax Accrual Summary report.
The report below is the Tax Accrual Detail report.
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