Workpapers 85000 Income Tax Reconciliation

From the Main Toolbar, go to Home.
Navigate to Fund Workflow
Select a fund
from the Main Menu select Reports
Select Workpapers

To access the 85000 Workpaper details, click anywhere on the account.

Click to generate the Income Tax Reconciliation.

To include this table in the report for Exported Workpapers, toggle Include in Export

Export PDF:

Current Year Income Tax Payable/(Refundable) is from the Statement of Taxable Income.

Figure A: The amount is “CURRENT TAX OR REFUND” from the Statement of Taxable Income report.

From the user interface, the Current Year Instalments are the total Income Tax Instalments Raised for the current financial year.

With “Closing Balance Tax Provision”, this is the final balance for the 85000 account.

Figure B: The total instalments paid for the current Workpaper Financial Year. 

Example:

Figure B is $2400 for the year 2020.

The Current Year Instalments will only include the amount of the current financial year 
$800+ $800+ $800 = $2400

Any refundable amounts will not be included in this calculation.


Note: Transaction date must be within the financial year. For this example is 01-07-2019 to 30-06-2020.
 
Refer to "Account View" for account 85000 will combines the amount of 2020 finaicial year.

Adjustments

Users can add an adjustment by entering a description and amount.

The Income Tax Reconciliation will also indicate if the amount balances against the Closing Balance for the year

Any adjustments added can be deleted by clicking