Tax Management Overview

Traact’s Tax Module empowers you to track your tax filings by linking them to specific entities, setting recurring schedules, viewing a comprehensive overview of tax amounts, and generating customized tax charts. In this article, you’ll find step-by-step guides on using these features to optimize your tax processes.

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Understanding Your Tax Dashboard

At the top of the screen, you can filter and view your taxes organized by entity, giving you a clear snapshot of tax activities associated with each one. This section also provides a quick summary of your tax filing statistics organized as follows:

 

• Total Tax Filing: The total number of filings recorded.

• Not Completed: The number of filings still pending.

• Completed: The number of filings that have been completed.

• Total Taxes Paid: The total amount of taxes paid displayed is the USD total by default.

Note: If you need to view totals in other currencies, hover over the information icon in the "Total Taxes Paid" field. This will show you the amounts for all applicable currencies.

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Additional Filtering Options:

• Fiscal Year: Choose a specific year to view tax filings from that period.

• Jurisdiction: Narrow results based on jurisdiction to focus on taxes applicable to a certain region or authority.

• Status: Filter by filing status which can be To Do, Pending, In Progress, and Done.

• Tax Names: Filter by specific tax types for more detailed insights.

 

You have the option of having a Folder view of your entities as shown below:

 

You may see your Tax Chart structure in the "Chart View,” which is automatically generated by the system based on your Entity list and can also be edited.

 

 

If your entities have Tax Classifications that differ from the Entity Type, these can be updated within the Entity Overview under “Basic Information”.

 

 

 

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How to Create a Tax Record

Step 1: Select an Entity for Tax Setup

Begin by choosing the entity for which you'd like to configure a tax. This selection will allow you to enter the specific tax settings for that entity.

After selecting your entity, you can follow two different workflows:

A) Use a Record Template:

Step 2: Select template

Choose from pre-existing tax templates suggested by the system.

Step 3: Select the Fiscal Year

Choose the fiscal year for which the tax applies.

Step 4: Assign a Tax Handler

Indicate whether a certified CPA will handle the taxes or if it will be managed internally.

Step 5: Add Task

After filling out these details, click on "Add New Task" to generate the tax record.

B) Create a New Tax Record:

Step 2: Select New Tax

Click on "+Add New" to start from scratch with a new tax setup.

Step 3: Select or Create Tax Type

Either choose an existing tax type from the dropdown menu or type in a new tax type.

Step 4: Select the Fiscal Year

Choose the fiscal year for which the tax applies.

Step 5: Assign a Tax Handler

Indicate whether a certified CPA will handle the taxes or if it will be managed internally.

Step 6: Add Task

After filling out these details, click on "Add New Task" to generate the tax record.

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Managing your Tax

Once your Tax record is created, you can fully customize its details, including the assignee, entity, and status. You also have the option to complete the Basic Filing details and add a description for your record.

 

 

 

 

The Tax record includes five additional tabs:

• Tasks: Create tasks related to your filing or use a tax workflow.

• Activity: View the editing history of the record and communicate with coworkers.

• Documents: Add and manage documents and artifacts associated with the Tax record.

• Filing: Set up recurring filings for specific tax periods.

  
  To add a recurrence, click "+ Add recurrence" and enter the relevant period, amount, due and filing dates, and upload the necessary files or receipts. Once you upload a document, you may also change the status of a given record in your recurrence tab as either: Not ready, Ready to file, or Filed.
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  You can delete the entry using the options under the three dots menu; however, only if the Filing Status is "Not ready.”

 

 

 

Invoice: If you have signed for the Invoices module, you are also able to attach an invoice to your Tax filing for your records.
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​Communication via the Activity Tab