Tax Summary Report

The Tax Summary Report gives you a summary of the value of the tax you have collected on sales invoices along with how much you have paid on Expenses.

Tax SummaryFigure: Tax Summary Report

A few reasons to use this report:

  • Use this report at tax time to understand your tax position.
  • See the breakdown of net tax position per tax code.

Report Display

The report is generated in your account currency. It displays your company name and  date range in the report header section.

On the top left of the report output, you will either see

  • Gross Invoiced – if Invoiced revenue method is selected. It is the total value of all non-draft invoices in the selected period
  • Gross Collected – if Cash Collected revenue method is selected. It  is the total value of all payments received in the selected period

The report is grouped by tax code. Each grouping discloses the total tax collected in “Invoiced” row and total tax paid in “Less Expenses” row. Net row provides your business tax position for each tax code. A positive Net row means you have collected more tax then spent and generally that amount is payable to your tax department. A negative Net row means you have paid more tax than collected and you can claim that amount back from the tax department.

The report has two columns; Taxable Amount and Taxes.

  • Taxable Amount is the amount on which tax was applied.
  • Taxes show the amount of Tax.

Report Parameters

Start Date – End Date: Choose a start/end date to filter invoices and expenses for specific dates.

Revenue: This option lets you choose how Taxes will be calculated.

  • Invoiced: The total tax that is reported is based on Sales Invoice Issue Date.
  • Cash Collected: The total tax that is reported is based on the Payment Date applied to the invoice.

Please note the tax amount is based on the tax percentage at time invoice or expense was saved. Subsequent changes to tax percentage is not reflected in existing invoices & expenses.

Do you need any further help with the Tax Summary report? Feel free to contact support via chat or email.

Updated on January 21, 2023

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