The Tax Classifications tab shows all the ledger transactions grouped by their Management Accounts.
1. Basics
The number of ledger lines and totals for each of the management accounts is indicated.
If selections are made using the checkboxes to the left, the Selected Lines and Selected Totals are updated for the relevant management account.
The system shows if the ledgers are Income or Expense under the Type column. Any ledger line which has a positive amount is shown as an Income and any item which has a negative amount is shown as an Expense. This it to ensure we can pick up anomalies for ledgers put in Accounts of the opposite nature, but has no implication to the overall understanding of Income and Expense in overall Profit and Loss.
The system also cognitively suggests the tax classifications (deductible, non-deductible) for Expense lines and (taxable, non-taxable) for Income lines under the Category column.
Comments from Senior Reviewer (Senior/Manager Review) will be shown under the Senior Comments column after the Senior Review stage.
2. Filtering ledger lines
The filter button can be used to filter the workspace entries based on the following fields,
Labels
Date
Type (Income or Expense)
Managed Account
Suggested Managed Account
Category (Tax Category)
Tax Status
Under OSI (yes or no)
Has Reviewer Comment (yes or no)
Has Manager Comment (yes or no)
Rate
At any point you can undo the filter by clicking on the Clear filters icon on the top right of the workspace.
3. Searching information
You can search for any data in the ledger or management accounts (as loaded in the workspace) by typing keywords in the Search bar. The workspace will filter as you type. This will allow you to review the workspace for specific amounts, dates, keywords, etc. At any point you can undo the filter by clicking on the Clear filters icon on the top right of the workspace.
4. Adding / Deleting Ledger Lines
To delete unwanted ledger lines, select the lines and click on the trash can (delete) button on the top right.
To add lines one at a time, click ADD ROW button on the right of the Management Account. This will add a row in. You can fill all the details as required.
To add multiple GL Lines, click on the button ADD GL LINES. This will open up a dialog box with a template that you can download. Please fill in this template with the GL lines data that you wish to upload. Once the file is ready, you can upload it in the same Add GL Lines dialog box. The new lines will appear at the bottom in the Workspace.
5. Raising OSI
You can raise an OSI (for more information on OSIs click on Outstanding Inquiry) by selecting the lines on which you have an inquiry and clicking on the CREATE OSI button.
If an outstanding enquiry or OSI has been raised for a ledger line/s, you will see a tick mark under the Is Under OSI column for that ledger/s.
6. Adding Notes
You can make notes for the ledgers under the Notes column.
7. Concessionary Rates
For a PL with multiple rates, the PL Accounts tab will indicate the rate classifications. Please note that for reading in a PL with Concessionary rates, your assessment must have Concessionary Rates flag checked in the assessment creation page. (Please refer to Create New Assessments article for more information).
You can change the rates for accounts by simple clicking on the rate. A dropdown list shows you the rates available for you to choose.
To manage rates, select any account in the Tax Classification tab and click on CHANGE FIELDS button. Choose SPLIT from the list.
In the dialog that opens up, you can choose to change the rate for the selected account. You can also click on MANAGE RATES to edit the rate fields.
Clicking on MANAGE RATES opens a dialog box where in you can edit the rate values and set the default rate for your accounts. Once you enter the Rate (%) click on Update button for the change to take effect. The selected rate will be the default rate. You can mark the predominant rate in your PL as the default rate so that any change of rate in the Wrokspace is easier.
What's Next?
Would like to know more about how you could change tax classification and add labels? Click on Changing Tax Categories and Adding Labels.