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Sales Tax Report

This guide explains how to use the Sales Tax report to track your tax activities, calculate liabilities, and ensure compliance with tax authorities.

What is the Sales Tax Report?​

The Sales Tax report provides a comprehensive overview of your company's sales tax activities and liabilities. This report helps you calculate the sales tax owed to tax authorities, maintain compliance with regulations, and make informed financial decisions based on accurate tax data.

Accessing the Report​

  1. Open the Accounting section

    Click Accounting in the left sidebar.

  2. Navigate to Reports

    Select Reports from the menu.

  3. Find the Sales Tax report

    Locate the Sales Tax report in your list of automated reports.

How the Report Works​

The report is generated per Tax Number, also known as your Tax Agency. Each report displays data in the currency of that Tax Number, with an option to show base currency conversions alongside. You generate the report for specific tax periods, and it includes opening and closing balances for that period.

Tax Calculation Method

Fiskl calculates sales tax when you invoice a customer or receive a vendor bill. The tax amount is recorded in the month when the invoice or bill is created, regardless of when payment is received.

Configuring Your Report​

Select Tax and Period​

  1. Choose your Tax Number

    Select the relevant tax agency from the Tax dropdown menu.

  2. Select a reporting period

    Choose a period such as last quarter, current month, or a custom date range.

Choose Your View Type​

Toggle between summary and detailed views using the Summary/Details switch to see different levels of information.

Saved Filters

Your applied filters are cached, allowing you to return to the same filtered report on subsequent visits. You can change these filters at any time.

Understanding Report Views​

The summary view presents aggregated amounts for all report sections. Use the gear icon to customize columns and display:

  • Tax Rate
  • Gross Amount
  • Net Amount
  • Tax Amount
  • Gross Amount (base currency)
  • Net Amount (base currency)
  • Tax Amount (base currency)

Customizing Your Report​

You can personalize the report presentation by changing the title, subtitle, and adding notes. These customizations are temporary and will be included in any exports or downloads, but they are not permanently saved to the report.

Exporting Your Report​

  1. Click the Export button

    Find the Export button at the top right of the screen.

  2. Choose your export format

    Select either Google Sheets or Excel as your export destination.

  3. Verify your export

    The exported file will reflect your current view (Summary or Detailed) and include any filters you have applied.

Report Components​

What the Sales Tax Report includes

The report contains the following sections:

  • Opening and Closing Balances: Starting and ending tax liability for the selected period
  • Sales: All sales transactions with an assigned client that include sales tax
  • Purchases: All purchase transactions with an assigned vendor that include recoverable tax
  • Other: Manual transactions associated with this sales tax account
  • Total Tax: Sum of tax from Sales, Purchases, and Other transactions
  • Payments: Tax payments you have categorized with this sales tax account

Benefits of Using the Sales Tax Report​

The Sales Tax report helps you:

  • Ensure compliance with tax regulations and filing requirements
  • Support financial planning and decision-making with accurate tax data
  • Prepare your business for potential audits with organized documentation
  • Enhance operational efficiency by streamlining tax reporting processes
  • Gain strategic insights into sales trends and tax liabilities over time

By effectively utilizing the Sales Tax report, you can navigate sales tax requirements with confidence, maintain financial stability, and make informed business decisions based on accurate tax information.