Introduction

The Statement of Taxable Income screen enables Individuals to reconcile taxable income. From this screen, users can update certain items in the calculation of taxable income not processed via transaction entries.

Navigation

From the main toolbar navigate to Compliance
By default, you will be directed to Period Compliance.

From Period Compliance users will be able to set the taxable income calculation to either Yearly, Quarterly, Monthly or Other. If Other is selected you will be prompted to enter a date.

Once the frequency has been set, click Start Workflow.

The screen will present a breakdown of the taxable income calculation based on transactions entered, with relevant tax labels attached.

Features

Users can add items for adjustments.

Step 1: Click on

Step 2: Select a label from the list. 

Step 3: Input an amount.

Step 4: Select once completed.

Items available to be added

Remove items

To remove an item added, select the cross icon beside the item.

 To remove all items added, select to return to the original calculation.

Select Reserve Account

Allocation to reserve accounts can also be processed.

From the Chart of Accounts, users can create new accounts Between 58060 to 58099 account code range as Reserve Account for selection.

Please note that amounts entered in the Reserve Section will affect the Income Available for Allocation.

To remove the allocation, select the x icon. 

Alternatively, select Reverse Period from the Period Compliance screen to reset the selected financial year.

• Note: This will reverse any other changes entered in the Year-End process including any amounts entered in Step 2: Calculate Profit/(Loss).

Export to PDF or Excel

Export the Statement of Taxable Income by selecting Export to PDF or Export to Excel.