The Tax Summary Report gives you a breakdown of the value of the sales tax you have collected, along with how much you have paid taxes on Expenses.
You can run a Sales Tax Summary Report by doing the following:
- Go to the Reports section
- Select Sales Tax Summary under Accounting Reports.
To adjust your view of the Sales Tax Summary Report, click on Filters under Settings. From there, you can change:
- Reset all - Click on this link to restore the filters back to the default settings
- Date Range - Choose from This Month, This Year, Last Year, This Quarter, Last Quarter, or Custom to enter a specific date range
Accounting Method - Run this by either Billed (Accrual) or Collected (Cash-Based) income:
- Billed - This will pull from any non-draft Invoices and are dated within your date range (both paid and unpaid)
- Collected - This will pull from Payments you’ve received in the selected date range
- Currency - Toggle between multiple currencies, only one currency can be viewed at a time
- Total Billed or Total Collected - Total invoiced or collected during the filtered date range, including Other Income and Invoices with no tax applied, Draft Invoices are excluded
- Taxable Amount - The total of all Invoice line items that Sales Tax was applied to, including 0% taxes
- Taxes - The total of Sales Tax that was applied on Invoices
For Less Expenses, which includes both Expenses and Bills:
- Taxable Amount - The total of all Expenses and Bills before tax, that Sales Tax was applied to
- Taxes - The total of Sales Taxes paid on Expenses and Bills
Clicking More Actions in the top right will give you the option to Export for Excel, or Print your Report.
Why isn’t my Total Billed or Total Collected the same as my Taxable Amount plus my Sales Taxes? How do I find which line items had no Sales Taxes applied to it?
When Sales Taxes are applied to every single Item and Service on every Invoice, the Total Billed or Total Collected amount on the Sales Tax Summary Report will be equal to the sum of the Taxable Amount plus Taxes:
Total Billed/Collected = Taxable Amount + Sales Taxes
If your Total Billed or Total Collected does not match, then there may be at least one Item or Service on an Invoice where no Sales Tax has been applied.
To find non-taxed Items or Services, use these steps:
- Go to the Reports section
- Click on the Invoice Details Report
- Adjust the filters for the Date Range and accounting method to match the same filters for the Sales Tax Summary Report
- Click on the More Actions button and then select Export for Excel
- Open the downloaded Invoice Details Report in your spreadsheet application
- In your spreadsheet application, use the Filter option to filter the Tax Amount columns for “0” to look for any non-taxed Items or Services.