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How does LA handle Sales Tax Reconciliation
Is there an easy way to account for Sales Tax spent when recording expenses? In Australia, if you are registered for GST, you both collect and pay GST and the balance between these two is either payable or accrued (usually payable, unless expenses outweighed income) to the Tax Office. How can LA provide basic reconciliation to determine amount owed and keep the accounts in balance?
I’m undecided
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Last night I added sales tax reconciliation to the sales tax report. It doesn't create the expense for you, but it lets you mark the sales taxes as reconciled so you can take the total and create the expense. Please take a look and see if it meets your needs, and please do let me know if it can be better or if it's not right for your business.
You can find the link on the sales tax report.
Cheers!
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Inappropriate?There is not a way to do this in Less Accounting.
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Inappropriate?Steven,
Thanks for the reply. Any plans to add the recording of tax paid with each expense (and have it show on the Sales Tax report)? I imagine this would be useful to all users. As far as I know, the reporting and paying of sales tax (or GST, VAT) is somewhat universal, not to mention a pain in the butt.
I’m concerned
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Inappropriate?We are talking about it, but it hasn't been very wildly requested.
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Inappropriate?i'm in singapore.
that is relevant to us as well.
something that is optional.
and allow us to extract that information via a report.
I’m concerned too!
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Inappropriate?We decided to expand our support for sales tax, so something like this should be on the horizon. No ETA, but stay tuned.
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Inappropriate?as a workaround. are we able to get the "notes" to appear in the expense reports... i'll be able to generate that for the accountant to reconcile
I’m anxious
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Inappropriate?As a Canadian user, GST is part of every sale I make, and every expense I pay, needs to be tracked and a certain amount remitted to the govt.
I’m concerned
1 Comment Add a comment
This answers the question
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We now support multiple sales taxes in LessAccounting. -
Inappropriate?This is high on our priority list.
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Inappropriate?We need this very urgently, otherwise we can't use you tool in The Netherlands...1 Comment Add a comment
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I'm sorry, this isn't a highly requested feature, it's still several months away.
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Inappropriate?We need it as well in Trinidad, eagerly awaiting its addition
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Inappropriate?i'm using a workaround for this.
for expenses that include sales tax, i "Assign a Client" to it... and use the reports to generate the quarterly report required.
if this feature is not scheduled, how about allowing raw reports, that way we can have relevant information in the notes section exported.
I’m frustrated
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Nice workaround, you could add a tag instead of assigning to a client as well.
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Inappropriate?I have to say I love this program, it's just what I've been looking for. But not being able to track VAT is it's biggest failing, it's what is holding me back from signing up. Thought I'd add my voice.
Love to know when you think it'll be up and running?1 Comment Add a comment
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There is a sales tax report, the only thing we can do elegantly is marginal taxation on line items. Most users create a separate line item for the VAT taxable amount. We'll build a more elegant VAT solution very soon.
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Inappropriate?As a small business operating in 2 VAT areas, can I suggest you use a system that allows each tax rate to be assigned to a tax agency, so you can report to each agency separately? That's how Quickbooks 2008/2009 does it.
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Inappropriate?Last night I added sales tax reconciliation to the sales tax report. It doesn't create the expense for you, but it lets you mark the sales taxes as reconciled so you can take the total and create the expense. Please take a look and see if it meets your needs, and please do let me know if it can be better or if it's not right for your business.
You can find the link on the sales tax report.
Cheers!
The company says
this answers the question
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Inappropriate?This could be a deal breaker for me to migrate over form freeagent central. Australian GST reporting requirements. -
Inappropriate?@Teerock,
What's missing in the current implementation. -
Inappropriate?@stevenbristol
I don't understand how the tax reconciliation report helps me track tax paid on expenses. Could you explain?
Many thanks
Sasha -
Inappropriate?The sales tax report/reconciliation is meant to show you how much you collected in sales taxes from invoices you've sent, not from expenses. When you pay the government these taxes you can mark them as reconciled so you can keep track of what you have paid and what you have not paid.
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Inappropriate?@stevenbristol
Ok that makes sense! Thanks for the quick reply.
Looks like a great product, but unfortunately I need to be able to track sales tax on purchases too, so it won't work for me. Best of luck!
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