AI.TaxAssist system uses machine learning to cognitively suggest deductibles/non-deductibles and taxable/non-taxables for your leger items. To learn more about the categorisation, please click on Tax Categories – Non-Deductibles and Non-Taxables article.
If you find that the Category has been listed incorrectly, you have the option to change the category. The machine learns from every correction made to be more accurate in the future.
To change the Category, follow the steps below,
To add a category for a single ledger line,
a. Click under Tax Category against the ledger line you want to add/change category for
b. Select a category from the dropdown list
c. You will see a notification message that the changes have been saved successfully
To add/change labels for multiple ledger lines
a. Select the ledger line/s that you would like to change the tax category for.
b. Click on Change Fields button in the Tax Classifications tab under the Workspace.
c. Click on Category.
d. Choose the appropriate Category from this drop down list and click on Change.
e. You can also add a category by clicking on the Add Category button.
3. To mark an Expense item Deductible choose Deductible as a category
4. To mark an Income item Taxable choose Taxable as a category
Note: You will notice that the Tax Status column responded to changes in the Tax Category Column. By choosing a category other than Deductible / Taxable, you are in fact tagging the reason why that item is Non-Deductible / Non-Taxable
On the Workspace, you also have the option of adding Labels to your ledger lines. To learn about how labels are used in your tax computation, please click on Significance of Labels article.
To add a label, follow the steps below,
To add a label for a single ledger line,
a. Click under Labels against the ledger line you want to add label for
b. Select a label from the dropdown list or type the label name you wish to add
c. You will see a notification message that the changes have been saved successfully
2. To add/change labels for multiple ledger lines
a. Select the ledger line/s for which you would like to add labels for
b. Click on Change Fields button under the Tax Classifications tab in the Workspace
c. Click on Label
d. Choose a label from the list provided and click on Save
e. You can also add a customised label by clicking on Create New Label
3. To delete a label/s,
a. Select the GL line/s for which you wish to have the labels deleted
b. Click on Change Fields button under the Tax Classifications tab in the Workspace
c. Click on Labels
d. Do not make any selection and click on Save
e. This action will delete the existing labels for those ledgers
To split an amount/account in the Workspace, follow the steps below,
Identify the Management account under which you would like to split a GL line.
Click on Add Row button which appears on the far right of the Management Account name.
3. This adds a new empty row under the MA where you can add in the desired split amount and assign category/type/label as necessary.
4. Now you can edit the other exisitng GL line that you wished to split with the split amount and make any tax category changes as necessary.
What's Next?
You could also add GL lines to your workspace independent of the document checked in. Would you like to know how? Cick on Adding GL Lines .