Tax Settlement Workspace

Use this workspace to calculate and settle tax.

Tax settlements can involve taxes receivable and payable, EU acquisition tax, and various energy and environmental taxes. Maconomy also calculates EU purchases and sales, dutiable and non-dutiable.

The Accounts sub-tab groups the tax entries, creating a line for each combination of tax settlement type, tax type, and nature of tax. Maconomy also creates export and tax-exempt lines, ensuring that the tax basis amounts in the Tax Settlement tab are fully documented. However, if you select the Tax Reporting by Tax Type field for the current tax reporting unit, lines for which you have not specified any tax type are not shown.

The lines that are shown on tax reports also depend on the setting of the Tax Reporting by Tax Type field. For more information, see the Print Settlement action.

You cannot change the figures in this workspace, but you can view them before they are approved.

When the settlement is approved (using this workspace or the Print Tax Settlement single dialog workspace), Maconomy creates a tax settlement journal that has a line for every account affected (for example, a line each for tax payable, tax receivable, and tax settlement).