Current tax proof

Overview

The Current Tax Proof displays a breakdown of all transactions that make up the current tax asset or (liability) balance. The Tax Position report reconciles to the balance for the current year, whereas the Current Tax Proof reconciles to the outstanding asset or liability that would be reported on an entity's balance sheet at year-end.

Access the current tax proof

From the entity's tax year summary, in the navigation bar select Reports > Current Tax Proof.

The proof displays all transactions, and including Inland Revenue (IR) tax payments, transfers or assessments, tax pooling transactions, the current tax charge, and any manually added journal adjustments. Selecting the plus icon expands the current tax charge to show the transactions that make up that balance.

Add a prior period adjustment

1. From the Current Tax Proof, select New > Prior Period Adjustment. 
2. Optional: Edit the default date, tax year and journal narration.
3. Optional: Edit the default settings: Include in Tax account movements and/or Include in Current tax proof.
4. Enter the prior period adjustment as a journal. Ensure debits and credits balance.
5. Optional: Add Notes.
6. Select Save.

Add a current period adjustment

1. From the Current Tax Proof, select New > Current Period Adjustments.
2. Optional: Edit the default date, tax year and journal narration.
3. Optional: Edit the default settings: Include in Tax account movements, Include in Current tax proof and/or Is Ledger Reconciliation.
4. Enter the prior period adjustment as a journal. Ensure debits and credits balance.
5. Optional: Add Notes.
6. Select Save.

Edit or delete an adjustment

1. From the Current Tax Proof, select the adjustment you want to edit or delete. 
2. To edit the adjustment, make your changes and select Save.
3. To delete the adjustment, select Delete.

Related articles

Record tax payments

Deferred tax proof

View the income tax position