VAT on Sales to Government
Users for Xero integrated versions of JuanTax can now also enter VAT on Sales to government within the Schedule 4 of 2550M forms in JuanTax.
To access the schedule 4 (Input Tax on Sale to Govt. closed to expense) of your report, you should first go to Summary, then click the Edit Schedule 4 button.
Just like in the standalone version, you should enter the numbers in the appropriate fields, hit on Calculate button to get your amounts then click Save.
Note: You would also need to use the following formulas to complete the Schedule 4 of your 2550M form:
Standard Input Tax to sale to government
This kind of VAT on Sales is the result of taxable sales transactions to government with 12% VAT multiplied with taxes withheld from sales coming from products/services sold by supplier to the government (7%).
Formula: [Taxable Sales to Government X Amount of Input Tax not Directly Attributable]
Example:
If you have 1,400,000 of total sales, and 200,000 of it it were sales to government, then:
200,000 x 0.07 = 14,000
Total Input Tax attributable to sale to government
To calculate your total input tax attributable, you should get the sum of both your Input Tax Directly Attributable to Sale to Government with the Amount of Input Tax Not Directly Attributable. See formula below:
[Input Tax directly attributable to sale to government + Amount of Input Tax not directly attributable]
Input Tax on Sale to Govt. closed to expense (To Item 20B)
To get this amount, subtract your Total Input Tax attributable to sale to government with your Standard Input Tax to sale to government.
Formula: [Total Input Tax attributable to sale to government - Standard Input Tax to sale to government]
Multiple Adding of Branches
Users can now also do multiple adding of outlets in their branches within JuanTax. This is designed for businesses which are operating various branches.
Once you had added an outlet, and entered your branch information, you can simply click on +Add Line button to start adding other branches.
Hit Save button to update your list. You can also remove any branches by simply clicking the x button.
Bulk Import of Branches
Aside from adding branches via data entry, JuanTax now also allows you to do bulk imports via CSV format.
If you had already created a CSV file containing information of your branches. Start importing your outlets by clicking the Import Branch(es) button.
You’ll be prompted to a modal which shows you the setup wizard on how you should import your CSV file to JuanTax.
First, is by uploading your CSV file with all the required branch information. Click on the Browse button to start importing your branches.
Map the appropriate fields from your CSV file to JuanTax. Make sure you MAP all the fields applicable.
Review your imports, then proceed with finishing the import by clicking DONE.
Mass Editing of Branches
You can now also do bulk revisions of your branches in JuanTax. In order to do this, you should first select the branches that you wanted to edit, then click the Edit All icon.
Edit any fields that you want in the Branch Information window. Click the Update button to save your changes.
