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Using TurboCASH

 







REPORTS
TAX REPORTS
  
Only if a business is registered for VAT and the Tax is selected when transactions are entered in Batches and Documents you need to generate this report.

This Tax Report Options screen allows you to generate Tax Reports for the VAT or tax accounting basis on which you may be registered for VAT. The accounting basis for VAT, is as follows:
  1. Invoice Basis - if you are registered on the Invoice Basis for VAT. Click here to see an example of an Invoice Based Tax Report.

  2. Payments Basis - if you are registered on the Payments Basis for VAT. Click here to see an example of a Payments Based Tax Report.
TurboCASH is set by default to work on the Invoiced Based VAT accounting basis. if you are registered on the Payments Basis for VAT, you need to set the Set of Books in the Setup - System Parameters - Company Info (Options - button) menu option to work in the Payments Based VAT accounting basis. The VAT accounting basis on which you are registered for VAT will be indicated on your VAT registration certificate.

 

This option allows you to generate a tax report on all your Output VAT you have charged or levied on your Sales and Input Tax you have paid on Purchases are reflected in this report. This report will reflect the details or totals for each Tax Type and the amount of VAT due to/by the Tax Authorities. You may need to generate this report at any time, to check the details, but have to print this report to assist you to fill in the required VAT returns when your VAT is returns and/or payments is due. It is recommended that you print out the totals as well as a detailed report and retain it with your VAT returns for record and audit purposes.

The Detail transaction is a register of all transactions for each Tax Type. A VAT Register is required by law and can be produced by the system at any time.

To generate a Tax report:
Click on the Reports - Tax menu option or press the and and keys on your keyboard. The Tax Report Options screen will be displayed.

Title bar - double-click to display the screen in full size or to return to the normal size. Close button - will exit or close this screen. Select, Screen, Printer, File, E-Mail or Fax. Copies - the number can only be selected if the Printer option is selected. Click to change the Printer and the Page Setup for Dot Matrix Printers. Click to generate the report. Click to close or exit this screen. Select the Type of Report for the VAT accounting basis on which you are registered (Invoiced Based or Payments Based). Select the start and end period for This Year or Last Year. Select all the Tax Accounts or a specific Tax Account from a list. Select to view the transaction details. Select This Year or Last Year. Minimise button - click to minimise this screen. Restore button - not active.
Select the following options:

Option Description
Which Year You may select This Year or Last Year to generate the detail transaction report.
Type Select Invoiced Basis or Payments Basis as the Type of the Tax report. If your VAT registration certificate indicates that you are registered on the Invoiced Basis, select Invoice Basis.

If your VAT registration certificate indicates that you are registered on the Payments Basis, select Payments Basis.
From Date If the cursor is in this field, the Periods search facility will be displayed. Select the start date from which you wish to include the balances or transactions.
To If the cursor is in this field, the Periods fast search facility will be displayed. Select the end date until which you wish to include the balances or transactions.
Tax Code You may select all Tax Types or Output VAT, Input VAT - Standard rate, Input VAT Capital goods, etc, as you have created for your specific circumstances.
Show Details If this box is ticked, the details of transactions will be displayed including the date, document or reference numbers, description of each transaction, the account number, the exclusive and tax amounts for each batch type where Tax was selected for each Tax Code you have created.

If this field is left blank, only the totals for each batch type within the various Tax Code for the selected period will be displayed.

Click on the button. The report will be sent to the medium, which you have selected in the Send Report To field.

When you click on the button for any report, which contains transactions, etc. TurboCASH will check for unposted items and display the number of unposted Batches and Documents. You may select to view the details of the unposted Batches and Documents. This is an important facility as these batches contain transactions, which will not be included in your reports.