Here’s an explanation of the ‘Tax Journal Report,’ which gives you a complete summary of the tax journal entries for a specified period, and helps you easily track tax posting and reconcile tax balances.
What Does the Report Contain?
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Document Reference: The business document number
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Document Type: Such as an invoice or credit note
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Issue Date: When the entry was posted or created
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Description: Brief details about the transaction
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Debit Amount
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Credit Amount
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Standard Tax Rate: Tax amount calculated at 15% rate
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Zero Tax Rate: Tax calculated at 0% rate
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Exemption Tax Rate: Exempted tax
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Action: View or print the entry
Summary Section at the End of the Report
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Number of Entries
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Total Debit Amount
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Total Credit Amount
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Net VAT Due
Benefits
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Facilitating verification of tax entries
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Increasing audit readiness and compliance
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Ease of viewing and printing any entry
Important Notes
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The report only shows for the period you specify
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Currently, printing or saving the report in Excel or PDF format is not available
