TAX management in Books
The possibility to track taxes in 2 separate accounts for inbound / outbound is a nice feature, but it needs to be improved to make it more usable (at least for EU)
1 - be able to have sub-accounts in the inbound / outbound tax accounts. All EU accountancy uses different VAT accounts for different TAX % + intra EU tax + outside EU TAX which have to be declared differently.
2 - for the items, it is highly possible that the inbound and outbound tax are different. So a separate field for Purchase tax would be a great addition.
Ramona (MOBIX)
shared this idea
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Annmarie Berg commented
Having separate tax accounts for different jurisdictions makes tracking and reporting much easier. However, there is one potential downside to this approach. If you have a lot of transactions in different jurisdictions, keeping track of all the tax rates and account balances can become cumbersome. Thankfully to https://www.thefinitygroup.com/financial-planning-for-physicians, I understood that one way to work around this is to set up a separate account for each jurisdiction but then have a single "master" account that you use for all your transactions.
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Anonymous
commented
We should be able to create mapping to tax accounts to appropriately track different taxes for different jurisdictions. One catch all account makes this process difficult. As above reporting in Canada requires tax collected on sales and tax paid on expenses. So having sub accounts is helpful. Unless you have a work around your setup creates additional work.