Tax calculation

In Year-end closing - Information and tax - Tax calculation, you calculate Business Income, Taxable result and Accounting result after tax.

In the menu to the left calculations from Accounting result before tax to Accounting result after tax are shown. You can click on each line in the calculation and make adjustments. You approve the calculation lines by clicking on the status symbol in the column Done. When the status is set to Done, the symbol changes colour to green and you can no longer make changes in the view to the right. If you have approved a section in the calculation view and later there are changes in pre-populated values, the status symbol will change colour from green to orange. Go through and check the updated values and approve again.

The grey fields are populated by values generated by the system on reference account level. You can change the reference account for a client account in Maintenance - Client chart of accounts.

Grey fields are fields with system generated values. To display which accounts that are mapped to a field, click on the menu icon that appears when you hold the cursor over a field and select Show accounts. If there are mapped accounts with no balances, you can display these as well by marking the checkbox Include mapped accounts without balances at the top of the dialogue.

You can override a system generated value by clicking on the menu icon. Select Override amount. Overridden fields changes colour from grey to yellow. In order to set back the value, click on the field and the menu-symbol once more and select Reset amount.

White fields are for manual input of values.

When a field in the program has a corresponding field in a tax form, the amount you enter will be transferred to this form. The tax forms are found in Year-end closing - Tax forms.

The calculations starts with Accounting result before tax in the menu to the left. Click on each of the posts below to make adjustments according to tax regulations for Additional business income, Deduction business income and Changes in temporary differences. In the view to the right, you can then check and adjust the different values. Approve the values by clicking on the status symbol in the column Done. The adjustments affect the Total business income, which corresponds to field 0999 in tax form RF-1167, and is transferred as field 201/222 in tax form RF-1028.

Under Total business income you can make adjustments according to tax regulations for Other taxable income and deductions, Application of forward losses and Other adjustments. Click on each of these lines to check and adjust the different values in the view to the right. Approve the values by clicking on the status symbol in column Done. The adjustments affect the Total taxable result, which corresponds to post 260 in tax form RF-1028.

The Accounting result after tax is calculated by subtracting the tax expense from Accounting result before tax. Click on the line Tax expense to check the calculation. Approve the calculation by clicking on the status symbol in the column Done.

Go to Allocation of result to allocate the Accounting result after tax. Approve the allocation by clicking on the status symbol in the column Done.

You can create closing entries manually by clicking on the scale symbol in the upper right or by navigating to Year-end closing - Closing entries. Select Createto manually create a closing entry.

In Closing entries, you can see that the system has generated closing entries relating to changes in temporary differences, changes to equity and payable tax. These closing entries are updated when changes are made, unless the period has been locked.

You can lock and unlock periods on the Start page. To be able to edit Year-end closing - Information and tax, the last ordinary period must be locked. For example, if the financial year is 01.01 - 31.12, the period December must be locked to enable editing in Year-end closing.

Checklist

The checklist, which is located in the side panel, is accessed by clicking on the icon in the upper right and helps you to document the work you have done.

In the side panel, the task list for your selection in the left hand panel is shown.

To add a comment to a task, click on the row or on the comment icon in the Actions column and enter your comment.

To mark a task as done, click on the check mark in the Actions column. Click on the check mark again to undo this action.

A task can be marked as N/A, which means that it is not applicable.

You can modify the checklist to show only the tasks you want. Click on Edit checklist in the bottom of the side panel to do this. In this view, you can choose which tasks are active.

You can add your own tasks to the checklist. This is also done in the Edit checklist view. The tasks you add yourself can be activated and deactivated in the same way as the standard tasks, and can also be deleted. The tasks that you have added yourself have a blue icon in the task list so that they can be easily identified.

The checklist is available for print in Year-end closing - Reports. Choose which parts you want to include in your report in the left hand panel and select Generate report - Download PDF.