The Main Reports are:
End of Tax Year Report
Those Users, who operate in a country where there is a Goods and Services Tax,
like in Australia (in other countries this may be called a Value Added Tax, or
VAT, or in Austria it is called Mehrwehrt Steuer) they may have to do a regular
balancing with the Tax Department within the year. The time duration may vary.
The user must be registered for this tax. Whenever the user makes a sale, it
includes this tax collected from the customer. In Australia (at the date of
this publication) this tax is 10%. Also the user pays this tax from those he or
she obtains goods and services. Say for example I am your cleaning services
provider, and I charge you $110 Dollars. At 10 percent, 10 Dollars would be
this tax that I am charging you, which I have to pay to the tax department,
however you can claim this back from the Tax Office. In Australia this tax is
payable or refundable every 3 months, but there are exceptions. When you start
creating this Report, you will be able to specify over what period of time you
wish this report to be valid for. So you get maximum flexibility.
When you start this software for the first time, it will prompt you to set up
your tax system. You then set up if this tax applies to you or not, if so what
the value in percent is, what the name of this tax is, when the tax year starts
and when it ends. You can set it up so that this Goods and Services Tax does
not apply to you and it will automatically calculate and generate the necessary
reports for you.
Click here to Read on the Activity Report.
End Of the Year Report
The End of the Year Report has nothing to do with your Goods and Services
Tax. It is a tax that you would be paying anyway as you derived an income. This
is your taxable income, which you would be paying irrespective of any Goods and
Services Tax (or VAT, etc.). This Report summarizes you expenses and income and
calculates your profit or loss. However it is not necessarily the final result,
it may be used as a summary to prepare the final report, and this is due to the
fact the tax laws can be complex. For example you may not necessarily write off
certain expenses, but depreciate them over time, like expensive plant and
equipment. The main purpose of this end of the Tax Year report is to provide
the figures for the final end of the tax year accountancy work, which is then
processed through your Tax Office.
Click here to read on the End Of
This software generates reports for every Table View in this Program. This
includes Income and Expenses etc.
You can view the Stock Report. Click here to read
about the Stock Report.
As we develop and update newer subversions, there will be more reports and they
will include charts. You can send us an email if you have an idea of what type
of report you think might be a good idea.