Consumption Taxes
This feature is optional. It's recommended if you pay consumption tax (GST, VAT, Sales Tax…) as CFM will map your tax remittances / refunds – refer Tax Reporting.
Refer to the video on this feature at our YouTube Channel.
System Tax Calendars
CashFlowMapperTM has consumption tax calendars for some jurisdictions (more to come, and if there’s one you need, please advise and we’ll build it). You select one of these when creating your plans. To view the calendars, do the following. |
- Select the System Tax Calendars menu option.
- Select your jurisdiction, and a list of available calendars appears.
- You can copy the calendar to “My Tax Calendars” if you want to use it as a base to create your own calendar.
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- “Occurrence” shows how the calendar will map your transactions.
- This is an accrual / invoice date-based calendar, so transactions with an invoice date between 1st January & 31st March are remitted on the 28th of April.
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- In a cash / payments-based calendar transactions with a payment date between 1st January & 31st March are remitted on the 28th of April.
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My Tax Calendars
Tax calendars that you have copied from System Tax calendars and tax calendars you’ve created yourself are filed here. If you are editing / creating a calendar, here are the rules.
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- Return Type is “invoice” or “cash”. This determines whether tax incidence is based on invoice date or cash transaction date.
- Calendar base can be used as a guide to determine period ranges.
- Period ranges can’t overlap or have gaps and must together cover a full calendar year.
- Occurrence is the remittance date for tax of each respective period.
- Select as many tax codes as needed and enter rates.
- Once you’ve hit the “Save tax calendar” button, the calendar will be available for adding to your plans.
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There are codes in system calendars to cater for those used in accounting packages. For example, in the Australian calendars, “CAP”, “CAG” & “NCG” are used for GST, so they are included in the calendars.
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