How to set up your Tax Boxes for the Tax Box report
Guidance on how to set up your Tax Boxes for the Tax Box report.
(Guide for Pastel Partner 14, but older versions will loosely follow the same method).
This guide will explain how to set up your tax boxes for your entry types.
Please note - we cannot guide on which tax types or formulas should be used for which entry types, this is only guidance on how to set it up. You will need to know which tax types you are to use in your own company data.
If you are unsure about this, please speak to your accountant for assistance with this process.
To begin you need to go to 'Setup > Tax > General Settings'.
- Ensure in the 'Percentages' tab, your tax types are setup correctly before you start the Tax Box setup.
(This is not how your tax types should be setup, these are examples).
- Now in the 'Box Names' tab, you can set up the names that your company would use for the Tax Boxes - these can match the box names you need to fill in as part of a VAT return.
- To create new box names, or edit ones you do not need, just select them in the 'Description' column, or find an empty one to use to create a new one.
- You can make a formula by selecting 'Combine Other Boxes' (for example, if you wanted it to be the total of 3 boxes, you put the formula here).
- If you want the box to be a percentage of a tax type, just select 'Percentage of a Tax Type' and type in the tax type number. (in my example I am specifying 30% of tax type 3).
- With the Box Names set up with the formulas needed, you now need to set the 'Box Layout' and match the Entry Types to the Tax Types. Do this for each entry type you use.
When you run the Tax Box report, it should show all your tax box names, with their calculated totals based on all transactions with the relevant Tax Type, or it will show the calculation of the formula specified when setting up the Box Names.
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