Show tax totals on P&L (for income and also expenses)
complete
Jo-Anne Woodman
On the P&L it would be great to see a summary of the tax received on invoices, and similarly, the tax component of expenses.
I have brought up the expenses previously, but will include it here anyway as it isnt on the Canny board yet.
I am in Australia, and as I am registered for GST, I need to report quarterly on my sales (and tax received) as well as my expenses (and how much tax was paid).
It would also need the ability to add the tax component onto an expenses entry, to achieve this. Ideally, the expense entry form would allow for choosing between the total being tax inclusive, or exclusive, and using the tax rates set in my account, calculate the rate (inclusive, or exclusive - based on the price i've entered for my expense).
If Hectic can do this, I can get rid of Xero! 🙌🏻
* I did speak to Geoff briefly about the expenses component previously, he was going to speak to a few EURO/UK customers to see if this would meet their requirements also, so feel free to provide feedback below if you see this and have some thoughts! :)
Geoff Mina
marked this post as
complete
This is complete. You can now add tax (inclusive or exclusive) to expenses and recurring expenses.
The Accounting download (on the P&L tab) will give you visibility into all the taxes collected and paid.
Geoff Mina
marked this post as
in progress
J
Jason Hein
The tax component on expenses is important if you collect ITCs input tax credits (in Canada). So this is something that would be incredibly helpful to have. It could be implemented as a checkbox that says includes % of tax when you create an expense.