Frequently Asked Questions

What is a Sales Tax Summary Report?

The Tax Summary Report gives you a breakdown of the value of the 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:

  1. Go to the Dashboard
  2. Scroll to the bottom to the Advanced Reports section
  3. Select Sales Tax Summary

 

In the top left you will have either Total Billed or Total Collected (depending on if you ran the Report as Billed or Collected). This is the total overall value you either invoiced for or collected during that time, taxes included.

The Report line has two numerical columns, Taxable Amount and Taxes:

  • Taxable Amount - The amount on which tax was applied to
  • Taxes - The amount of Tax that was applied

The Less Expenses line has the same two sections:

  • Taxable Amount - The total expenses, before tax, that tax was applied to
  • The Taxes - The amount of tax you paid on your expenses

 There are a few things you’re able to change when running the Sales Tax Summary Report. Click on the drop down next to the Report title, and you'll see some filters:

sales_tax_summary_filters 

  • Date Range - You can set a date range you would like this Report to include information within
  • Sales - You have two options here. Billed will pull in data from any non-draft Invoices and are dated within your date range (both paid and unpaid). Collected looks at the Payments you’ve received in the selected date range
  • Currency - If you have Invoices in multiple currencies this allows you to choose which one you want to run the Report for
 
Shouldn’t my Total Billed be the same as my Taxable Amount plus my Taxes?

If you have applied tax to every single line of every single Invoice, then yes. The total amount Billed/Collected, plus the amount of tax applied, should equal the gross amount Billed/Collected. If they don’t add up, it usually means that there is at least one line on one of the Invoices from this date range that does not have tax applied to it.

The Net line is the Billed/Collected value with the Expenses value subtracted from it.