To Access Tax RemittanceAs you sell products and services as well as pay expenses, The software records all other charges (set as liabilities) collected and paid out. As a result, remitting taxes to the appropriate government agencies is an easy process.
The tax remittance dialog calculates and displays the remittance amounts automatically. Once all fields are ready, click Save to process the remittance.
Location - Select the business location for which you are preparing the remittance. You also have the option to select all locations from the head office location when using centralized accounting features.
Remittance Due - The date the remittance is due for payment.
Reporting Period - The date range to include in the remittance calculation.
Total Revenue - Total revenue (including other charge liabilities) for the reporting period chosen. Revenue does not include GL Adjustments to revenue accounts. Revenues are a result of invoices and credit slips through point of sale.
Total Liabilities - Total of all Other Charge Liabilities that have not been remitted.
Sales - Total revenue minus total liabilities.
Tax Liability - Select the liabilities you wish to include in the remittance.
Tax Collected - The amount of the other charge collected in the time period specified.
Tax Paid Out - The amount of the specified other charge paid out during the specified period.
Adjustment - Allows for the entry of any adjustments. Positive and negative values are accepted.
Total Tax Remittance - Total Tax Collected minus Total Tax Credits.
Bank Account - The bank account the check will be written from.
Click Save to process the payment. You will be prompted if you would like to print a copy of the remittance for your records.