Map tax returns - Cash Accounting & Accruals
This is a step-by-step guide to map tax returns.
Map tax returns - Cash Accounting
1) Go to the entities page and select the relevant VAT return to access the cash accounting mapping. This can be added when creating the mapping the first time or can also be edited later.
generate.TAX handles cash accounting on a per tax code level allowing the option to have a partial / hybrid cash accounting.2) If you need to report your tax return on a 'cash basis', select those Tax Rates which need to be treated as ‘Cash Accounting’ in the mapping below. Any tax rates excluded from this box will be reported on an accruals basis.
Ignore this section if reporting is on an accruals basis.
Click the "+" sign to begin mapping the cash accounting applicable to the relevant VAT boxes and rates as further detailed below.
3) Once the cash accounting has been mapped to the applicable boxes and rates, click Save.
Map tax returns - Accruals
1) Map the tax rates from the light blue boxes, with each box supporting multiple tax rates.
2) All tax rates need to be mapped to a box or marked to be ignored to proceed. Click the Mark Remaining as Out of Scope button to move any remaining unmapped tax rates.
3) On the right side, you can view which taxes were mapped to each box, while unmapped tax rates are shown as Ignore.
Success! You have mapped tax returns.