Add or edit an entity’s details

Modified on Mon, 21 Jul at 5:10 PM

Overview

When a new entity is created in Taxlab, only minimal information is required to be entered. Some details are automatically populated by defaults, which need to be checked. These details can be edited at the entity level, and also at the tax year level. Every time you add a new entity it is best practice to check and confirm all details at both the entity and income tax levels before adding a subscription.

Adding or editing details at the entity level

From the TaxLab home screen, select the name of the entity to open the entity details screen. Select Edit.

From here you will be able to add or edit the following information:

Name
IRD number
Entity type
Entity code in the accounting system: If you want to import trial balances into multiple entities at the same time, each entity needs to have a unique entity code
Tax rate %: This is useful if you are calculating the tax provision for a foreign tax entity. Enter the rate in the box. To undo this action, simply delete the rate from the box (leave it blank). The rate will return to the default rate
Set returns deadline as: Due date (default), Previous working day or Next working day
Theme, Office and Type: show the default formats when preparing tax payment notices.
Use Loss v2: uses the latest version of the tax losses module.
Show tax accounting: This setting only becomes available after a subscription is added to an income tax return. It determines whether or not the tax accounting (tax provision) feature is enabled in the income tax returns. The check box is selected by default, which means tax provision report options are visible within an income tax calculation.

Once you've finished making changes, select Save.

Adding or editing entity addresses

From the TaxLab home screen, select the name of the entity to open the entity details screen. Select Addresses.

To add an address select Add.
- Enter a Description for the address.
- Select your Address type, Street or Postal.
- Enter the relevant address information into the required fields.
- Select the correct country.
- Choose to set the address as Default by selecting the check box.
- Select Save
To edit an address select the address from the list, edit the required information and select Save.
To delete an address, select the address from the list, then select Delete.

The default address can be populated on custom reports. See Brand and customise returns and payment notices for more information.

Adding or editing details at the tax return level

From the TaxLab home screen, select the name of the entity to open the entity details screen. Select Tax years, then select the year that you want to view or edit the details of. From here you will be able to add or edit the following information:

Income year start: the start date of the income tax year that the return is for.
Income year end (balance date): the last date of the income tax year that the return is for.
Extension of time (EOT) status: choose from:
- Y - With EOT (the software will default to this when a new entity is added)
- L - Late provision of information
- D - Deferred policing
- R - Returns outstanding
- N - Without EOT
- Not agency linked
GST filing frequency: this impacts the dates of payment tasks. Choose from:
- Not GST Registered
- One Monthly
- Two Monthly (the software defaults to this)
- Six Monthly
Provisional (prov) tax method: choose from:
- - (not a provisional taxpayer)
- Uplift (the software defaults to this)
- Estimate
- GST ratio
Payment Tasks: selecting this tickbox will create payment tasks for that tax year.