Income Tax Preparation

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Hans Bollmann
Hans Bollmann Member Posts: 1 ✭
edited February 2017 in Reckon Accounts (Desktop)
Is there a default list of accounts and their tax line reference that reflects the ATO tax forms. I am by no means an accountant, but setting this up manually in the income tax preparation report seems harder than it needs to be.

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  • John G
    John G Reckon Staff Posts: 1,570 Reckon Staff
    edited February 2017
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    Hi Hans,

    Welcome to the Reckon Community.  

    Accounts Business allows you to link your accounts to relevant lines on various income/business tax forms.  

    Select your appropriate tax form at Company > Company Information > Tax Form Used.  
    Then edit your accounts and on the Tax Line Mapping line, assign it to a question and box.
    You can then view results at Reports > Accountant > Tax Preparation.  

    Please Note, this feature is in no way an authorised tax return schedule and should not replace your official business/income tax return method.  This is only a tool to assist you in the preparation of your business/income tax return.  

    regards,
    John

  • Inigo
    Inigo Member Posts: 193 ✭
    edited April 2015
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    The built-in Help system of the Reckon Accounts program has some useful information regarding tax line references and setting things up nicely.

    If you click on the Help menu then select QuickBooks Help option
    Click on the Search tab
    use the key phrase end of your income tax and click the ask button

    Choose from the topics displayed


    -IM

  • Jean_9855189
    Jean_9855189 Member Posts: 19 ✭
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    I have set this up and now doing a tax return for a company and double checking. One question that probably applies to other areas as well, Accounts Receivable would be a C, but then one needs the total of Current Assets as well, and if all other Current Assets is a D, then it won't include the Accounts Receivable/Debtors amount.

    Problem arises because you can only put in one code. One to be aware of.

  • Acctd4
    Acctd4 Accredited Partner Posts: 3,426 Reckon Accounts Hosted Expert Reckon Accounts Hosted Expert
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    @Jean Yes, unfortunately, that is the case.

    Although also a Current Asset, Accounts Receivable has its own specific label on the Tax Return (at Box C: Trade Debtors as you've noted) hence it is not able to be included at Box D: Current Assets as well.

    It's important to note that the Tax Return mapping is just an additional "guide" feature from the original Intuit QuickBooks days & it is not recommended to map Balance Sheet accounts due to these limitations. 

    Note the type of tax form selected in the Setup interview also determines which tax lines are in the available dropdown list.

    Shaz Hughes Dip(Fin) ACQ NSW, MICB

    *** Reckon Accredited Partner (AP) Bookkeeper - specialising EXCLUSIVELY in Reckon Accounts / Hosted ! ***

    * Regd BAS Agent (No: 92314 015)* ICB-Certified Bookkeeper* Snr Seasonal Tax Consultant since 2003 *

    Accounted 4 Bookkeeping Services

    Ballajura, WA

    shaz@accounted4.com.au

    https://accounted4.com.au

    (NB: Please give my post a Like or mark as Accepted Answer if I have been able to resolve your query as this helps others when seeking solutions!)

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