Tax by Currency

An Audit report that summarises GST/VAT paid and received by tax code and currency. The report can be run for a nominated tax-cycle range or a nominated period range.

If the Tax Cycle option is selected the transactions in the specified tax cycles (based in the finalisations of the GST/VAT Report) are analysed. The transactions processed in the cycle range will be analysed based on the finalisation basis (Cash/Payments or Invoice/Accrual).

If using a period range, the report will analyse posted transactions in that range as well as transactions in prior periods that were posted during the specified period range (in this manner it will pick up historic corrections, much like the GST/VAT Report). The method of analysis is determined by the Cash Basis or Invoice Basis setting.

The report will help if you are required to collect VAT/GST in more than one jurisdiction and/or currency. For example if you are registered for GST in both Australia and New Zealand, you would use the GST Report to prepare the GST return for your home country. You could then use the Tax by Currency report to determine the GST liability in the other country (which would be calculated over a different time range, and probably on a different basis, and hence you would use the Period Range option).

The report (when Previewed) also give access to any Guide forms and on-line filing available for the other jurisdictions. Note that before accessing on-line filing for another jurisdiction, you must run the associated Guide form at least once so you can record your tax number (which you will have received when you register for tax in that jurisdiction).

For more information on handling GST/VAT in multiple jurisdictions see Paying GST/VAT in Multiple Countries