Tax Reconciliation Setup Tutorials

Tax Reconciliation refers to both Value Added Tax (VAT) and Withholding Tax (WHT) reconciliations. If you do not use WHT, the name becomes VAT Reconciliation.

This interface allows you to reconcile the VAT or WHT that must be paid to the revenue services to ensure the correct amounts are paid over. These reconciliations do not update the transactions other than changing reconciled transactions to read-only.

The following tax types are supported:

• WHT Payable: Reconciles the amounts you withheld from suppliers. The WHT Account is credited with the amounts withheld and debited with the payment.
• WHT Offset: Reconciles the amounts deducted from your invoices over the financial year. The WHT Account is debited, and a journal entry can be done to credit the account and debit a WHT expense account.
• VAT: Standard Invoiced-based model. The VAT Control account is debited and credited from the various transactions like customer and supplier invoices and expenses. The VAT payment or refund should result in a zero balance on the VAT Control account (excluding timing differences).

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VAT Reconciliation Setup Steps

These tutorials explain how to setup QuickEasy BOS to use the Tax Reconciliation feature.

1. Complete the General Settings.
2. Add Tax or VAT Reconciliation to a Menu Group.
3. Set User Access.
4. Create Statuses.

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How to Complete the General Settings (VAT Only)

1. Navigate to General Settings (e.g. Main Menu > Setup > Settings).
2. Click Add/Update (button).
3. Type VAT in the search block.
4. Check the checkboxes next to both settings:
   • Accounting > Exclude Transaction Types from VAT Reconciliation
   • Accounting > VAT Reporting Frequency (Months)
     • Note: The default VAT Reporting frequency is one month. Skip adding this setting if you report monthly, because the default value automatically applies.
5. Click Add/Update (button).
6. Click Yes (button) to confirm the update.
7. Close the popup.
8. Click Edit (button).
9. Edit the settings as follows:
   1. Accounting > Exclude Transaction Types from VAT Reconciliation: Click Edit in the Value column. Move the transaction types you want to exclude from the Available to the Selected section using the arrows in the middle.
   2. Accounting > VAT Reporting Frequency (Months): Type the number of months in the Value column that is included in a single VAT report.
10. Click Save (button) unless it is greyed out.

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How to Add the Tax Reconcilation to a Menu Group

If you added the fixed menu group Accounting to your template, you do not need to add it to another menu group. (It will be added to Accounting menu in V1.0.84.)

1. Navigate to Menus (e.g. Main Menu > Setup > Menus).
2. Double click an applicable menu group or create a new one.
3. Click Edit (button) unless it is greyed out.
4. Select Tax Reconciliation from the dropdown list next to Module.
5. Check the checkbox next to Tile Menu to display it on a tile menu (optional).
6. Check the checkbox next to Begin Group to draw a line before it on the menu (optional).
7. Close the popup using the X in the corner.
8. On the Menu Templates section right click your Menu Template and click Preview on the context menu.
   • Note: This step is so that it immediately appears on your menu. Other users will see the option after they restart QuickEasy BOS.

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How to Set User Access to the Tax Reconciliations

1. Open the Tax Reconciliation that you just added to a menu.
2. Click Menu (button) > Edit User Access.
3. Click Actions (button) > Add/Remove Users.
4. Move the users you want to grant access to from the Available to the Selected section.
5. Click Save (button).
6. Allocate access as follows, either individually or from Actions (button) > Batch Update:
   1. View: Check the checkbox to allow the user to view the tax reconciliations.
   2. Setup: Check the checkbox to allow the user to change the setups (as explained on this page).
   3. New: Check the checkbox to allow the user to create new reconciliations.
   4. Edit: Check the checkbox to allow the user to edit reconciliations.
   5. Delete: Check the checkbox to allow the user to delete reconciliations.
7. Click Save (button) unless it is greyed out.
8. Close the popup.

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How to Create Statuses for the Tax Reconciliations

1. Open the Tax Reconciliation that you just added to a menu.
2. Click Menu (button) > Edit Statuses.
3. Click Add Default (button).
4. Optionally click Add/Edit (button) and edit the statuses. The default New should be selected for the first statuses and the default Complete should be selected for the last status before Cancelled.
5. Click Save (button) unless it is greyed out.
6. Close the popup.

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