Tax Settlement Tab

This section includes the fields and descriptions for the Tax Settlement tab.

Tax Reporting Unit Island

Field	Description
Name	This field displays the name of the current tax reporting unit.
Currency	This field displays the reporting currency of the current tax reporting unit.

Taxes Island

Field	Description
Tax Payable	This field shows the sum of debited and credited amounts for entries in the table part marked as being of the tax settlement type “Tax Payable.”
Acquisition Tax	This field shows the sum of debited and credited amounts for entries in the table part marked as being of the tax settlement type “EU Acquisition Tax.”
Investment Tax	This field shows the sum of debited and credited amounts for entries in the table part marked as being of the tax settlement type “Investment Tax.”
Total Taxes	This field shows the sum of the amounts in this island.

Deduction Island

Field	Description
Tax Receivable	This field shows the sum of debited and credited amounts for entries in the table part marked as being of the tax settlement type “Tax Receivable.”
Taxes	This field shows other taxes.
Total Allowance	This field shows the sum of the two previous fields, Tax Receivable and Taxes.

Reconciliation Tax Island

Field	Description
Ratio Tax	Copy to come
Sales Tax	Copy to come

Tax Settlement Island

Field	Description
Tax Settlement	This field shows the gross amount for which tax settlement is made.

Period Island

Field

Description

Mth/Yr

These fields show the starting month/starting year and the ending month/ending year of the period which is valid for the current tax reporting unit. The month is specified as a number, for example, “1” for January, “2” for February, and so on. Only entries with a tax date within the specified range are included in the settlement. The tax date of a given entry can be either the entry date or the invoice date of the registration on which the entry is based, depending on the set-up of the tax reporting unit used by the company that the entry concerns. You can also update the current settlement period of the tax reporting unit using these fields. The current period on the tax reporting unit is updated with the changed dates.

Sales Island

Field	Description
Taxable	This field shows the taxable amount of the total sales in the specified period. For sales posted through an invoice created by Maconomy, the nature of tax is transferred from the tax code of each individual invoice line. The nature of tax for manual entries which are posted in a general journal will be transferred if you specify a G/L tax code to which a nature of tax has been assigned. For more information on the selection of the nature of tax, please see the description of the fields in the Posting island in the Tax Codes workspace.
Export	This field shows the total amount of export-related sales in the specified period. For sales posted through an invoice created by Maconomy, the nature of tax is transferred from the tax code of each individual invoice line. The nature of tax for manual entries which are posted in a general journal will be transferred if you specify a G/L tax code to which a nature of tax has been assigned. For more information on the selection of the nature of tax, please see the description of the fields in the Posting island in the Tax Codes workspace.
Taxable + Export	This field shows the sum of the amounts in the fields “Taxable” and “Export.”
Tax Exempt	This field shows the tax-exempt part of the total sales in the specified period. For sales posted through an invoice created by Maconomy, the nature of tax is transferred from the tax code of the individual invoice line. The nature of tax for manual entries which are posted in a general journal will be transferred if you specify a G/L tax code to which a nature of tax has been assigned. For more information on the selection of the nature of tax, please see the description of the fields in the Posting island in the Tax Codes workspace.
Total Turnover	This field shows the total turnover for the specified period, that is, the sum of the amounts in the fields “Taxable + Export” and “Tax Exempt.”

EU Revenue Island

Field	Description
EU Purchase	This field shows total EU purchases for the period. It is the total of all credit entries less all debit entries made in the General Journal workspace or in the Vendor Invoices, Invoice Allocation, or Reallocate Invoices workspaces in the Accounts Payable module that has an ingoing G/L tax code for EU Acquisition Tax. A G/L tax code is an EU Acquisition Tax code if there is a mark in the field “EU Acquisition Tax Code” in the window G/L Tax Codes.
EU Sale	This field shows total EU sales for the period. EU sales can be registered in two ways in Maconomy: The General Journal workspace can be used to register manual EU sales by giving entries an outgoing G/L tax code that is an EU Acquisition Tax code. A G/L tax code is an EU Acquisition Tax code if there is a mark in the field “EU Acquisition Tax Code” in the G/L Tax Codes workspace. The manual EU sale is the total of all such credit entries less the total of all such debit entries for the specified period. In the Accounts Receivable and Sales Orders modules, the sale of dutiable goods in non-taxed invoices or credit memos will be registered as automatic EU sales, if there is a mark in the field “EU Sales” in the Statistics to Tax Authorities island on the sales orders, credit orders, invoices, or credit memos. An invoice or a credit memo will not be taxed if the “Tax” field is unmarked. A dutiable item is an item without a mark in the field “Service” on the item information card and with a non-blank tax code in the field “Tax Code.” Sales of services and non-dutiable items are not included in EU sales. The automatic EU sale is the total of non-taxed invoice lines less credit memo lines for dutiable items, for which the field “EU Sales” in the Statistics to Tax Authorities island on the sales orders, credit orders, invoices, or credit memos.
Tax Exempt Sales	Your non-dutiable sales are calculated as the total sales of both goods and services and charges which are not taxed. Tax is not taken from items and services for which there is a tax code in the field “Tax Code” on the item information, or if the field “Tax” on the invoice or credit memo is not marked. If the invoice or credit memo carries discount, the sales figure on individual invoice and credit memo lines will be adjusted accordingly. Maconomy will not calculate tax for charges if the field “Tax” on the invoice or credit memo is unmarked.

Basis Island

Field	Description
Incl. Investment Tax	This field shows the sum of debited and credited amounts for entries in the table part marked as being of the tax settlement type “Basis high investment tax.”
Without Investment Tax	This field shows the sum of debited and credited amounts for entries in the table part marked as being of the tax settlement type “Basis low investment tax.”

Status Island

Field	Description
Made by	This field shows the user who made the settlement.
Date	This field shows the date the settlement was made.
Approved by	This field shows which user approved the settlement.
Date	This field shows the date the settlement was approved.
Changed	A mark in this field shows that you have changed information in the window, for example, the period range or the posting references since selecting the “Create Settlement” action. If there have been changes, you cannot select the “Approve Settlement” action. If the field is not marked, the information in the window is consistent, and you can approve the settlement by selecting the “Approve Settlement” action.