Creating a supplier deduction report for income tax
Create a supplier deductions report for the period
Producing a periodic income tax report for deductions we have made to suppliers is done by marking deduction transactions on a designated card and transferring them to the "For Reporting" tab. After verifying data and deciding on reporting, a reporting report is produced for the income tax.
After generating a periodic deduction report, reported transactions are moved to the "Reported" tab. This prevents double reporting for those transactions.
Additionally, you can cancel a report, this action will result in reported transactions being transferred back to the "For Reporting" status.
Database for creating a supplier deduction report
Reporting data for the deduction report is sufficient. Based on journal orders executed in the accounting system after reporting a payment or issuing a check. For all journal orders that include a "Payment" transaction type, a provision is recorded for a dedicated supplier withholding tax card based on the deduction percentages defined in the supplier card.
Deductions reported in previous reports will not appear in new reports we create, so there is no need to worry about duplicate reporting.
Automatic creation of report 856 with full compliance with monthly reports
Compared to other systems, with us you won't have to rack your brains at the end of each year with producing an 856 report and matching it to the reports that were made. The report is produced based on reports made in the system, so it matches 100% with what you reported during the year.
In order not to miss deductions, the system allows you to issue a detailed report of deductions that were not deducted during the year. This way, you can correct the December report and include the deductions for the entire year that were not reported for any reason.
Sending a supplier deduction report by email
After generating a supplier deductions report, the system sends a digitally signed PDF file to the report producer's email. This creates documentation for tracking and control purposes. The system records the name of the report producer, date and time of generation.
Creating an Income Tax Report for Customer Deductions and Advances
Create a customer deductions report for the period
Producing a periodic income tax report for deductions deducted by our clients is done by marking deduction transactions on a designated card and transferring them to the "For Reporting" tab. After verifying data and deciding on reporting, an income tax report is produced.
After generating a periodic deduction report, reported transactions are moved to the "Reported" tab. This prevents double reporting for those transactions.
Additionally, you can cancel a report, this action will cause reported transactions to be transferred back to the "For Reporting" status.
Database for creating a customer deductions report
Reporting data for the Customer Deductions report is based on journal orders executed in the accounting system after a receipt is generated for a customer for a payment received. All journal orders include a "Receipt" transaction type that records an allowance for a designated customer withholding tax card based on the deduction percentages defined for the company.
Deductions reported in previous reports will not appear in new reports we make, so there is no need to worry about double reporting.
Income Tax Advance Reporting
Producing a customer deductions report also includes a summary of total revenue for the reporting period and an automatic calculation of advances that need to be paid, according to the advance percentage settings in the company settings.
Sending a customer deduction report by email
After generating a customer deductions report, the system sends a digitally signed PDF file to the email of the report producer. This creates documentation for tracking and control purposes. The system records the name of the report producer, date and time of generation.