What is a Tax Summary Report?
Your Tax Summary Report gives you a summary of the value of the tax you have collected along with how much you have paid on Expenses.
You can run your Tax Summary Report by going to Reports —> Accounting Reports —> Tax Summary
There are a few things you’re able to change when running the Tax Summary:
- Date Range - You can set a date range you would like this report to include information within.
- Revenue - You have two options here. Billed (Accrual) will pull in data from any non-draft Invoices and are dated within your date range (both paid and unpaid). Collected (Cash Based) looks at the Payments you’ve received between the selected date range.
- Currency - If you have Invoices in multiple currencies this allows you to dictate which one you want to run the report for.
The report you will generate is grouped together by your tax rates, so if you have more than one tax applied in your account you will have more than one section.
In the top left you will have either Gross Invoiced or Gross Collected (depending on if you ran the report as Billed or Collected). This is the total overall value you either Invoiced for or Collected during that time, taxes included.The Invoiced / Collected line has two sections – Taxable Amount and Taxes.
- Taxable Amount is the amount on which tax was applied to.
- Taxes show the amount of Tax that was applied.
- Taxable Amount here is the total expenses, before tax, that tax was applied to.
- The Taxes value is the amount of tax you paid on your expenses.
Shouldn’t my Gross value be the same as my Taxable Amount plus my Taxes?
If you have applied tax to every single line of every single invoice, then yes. The total amount Invoiced / Collected, plus the amount of tax applied, should equal the gross amount Invoiced / Collected.
If they don’t add up it usually means that there is at least one line on one of the Invoices from this date range that does not have tax applied to it.
The Net line is the Invoiced / Collected value with the Expenses value subtracted from it.