Tax Summary

Tax collected on sales and paid on purchases. Essential for GST, VAT, and sales tax reporting.

Overview

The Tax Summary shows all tax amounts for a period, helping you calculate what you owe the tax authority or what they owe you.

Region-specific names

What it shows

• Tax collected from customers (on sales)
• Tax paid to suppliers (on purchases)
• Net tax position (owe or refund)
• Breakdown by activity

Report sections

Tax Collected

Tax charged to customers on sales:

• GST/VAT/Sales Tax on invoices
• Tax on cash sales
• Adjustments and corrections

This is what you owe the tax authority.

Tax Paid

Tax paid to suppliers on purchases:

• GST/VAT on bills and expenses
• Tax on capital purchases
• Import tax paid

This reduces what you owe or creates a refund.

Net Tax Position

Net Tax = Tax Collected - Tax Paid

Generating the report

Step 1: Set date range

• Match your reporting period
• AU: Quarterly (Jan-Mar, Apr-Jun, Jul-Sep, Oct-Dec) or monthly for large businesses
• UK: Quarterly VAT periods
• US: Monthly, quarterly, or annually (varies by state)

Step 2: Choose reporting basis

AU Default: Most businesses use accrual for BAS

Step 3: Click Generate Report

Understanding the layout

Summary stat cards

Top cards show:

• Tax Collected — Total tax on sales
• Tax Paid — Total tax on purchases
• Net Position — Payable or refundable amount

Report table

Tax Collected Section:

Tax Collected
────────────────────────────────────────
GST on Sales                    $2,450
GST on Cash Sales                 $150
GST Adjustments                     $0
────────────────────────────────────────
Total Tax Collected             $2,600

Tax Paid Section:

Tax Paid
────────────────────────────────────────
GST on Purchases                $1,800
GST on Expenses                   $350
GST on Capital Items              $200
────────────────────────────────────────
Total Tax Paid                  $2,350

Net Position:

════════════════════════════════════════
Net GST Payable                   $250

AU-specific: BAS fields

The Tax Summary maps to BAS fields:

Note: G9 (GST payable/refundable) = 1A - 1B

Using the report

BAS preparation (AU)

1. Generate for the BAS period (quarter or month)
2. Verify Tax Collected = Box 1A
3. Verify Tax Paid = Box 1B
4. Net position helps validate G9

Cash flow planning

• Positive net = plan payment to tax authority
• Negative net = expect refund
• Timing depends on lodgment due date

Compliance check

• Reconcile to General Ledger GST accounts
• Verify against invoice and bill listings
• Check for unusual adjustments

Record keeping

• Export and save with each lodgment
• Supports audit trail
• Evidence of tax calculations

Exporting

CSV export

1. Generate the report
2. Click Export → CSV
3. File downloads as Tax_Summary_YYYY-MM-DD.csv

Use for:

• BAS/Tax return preparation
• Accountant review
• Record keeping
• Reconciliation

Best practices

Reconciliation

Before lodging BAS/Tax:

1. Reconcile bank accounts
2. Verify all invoices/bills posted
3. Check for draft transactions
4. Review tax codes are correct

Reporting period

• Stick to official periods (don’t use custom dates)
• AU BAS: Quarterly (or monthly if turnover > $20M)
• UK VAT: Quarterly periods
• US: Varies by state and registration

Basis consistency

• Use same basis as previous periods (usually)
• Changing basis requires notification to tax authority
• Most small businesses use accrual for BAS

Verification

Cross-check sources:

• Tax Summary vs General Ledger (GST accounts)
• vs Invoice Summary (GST on sales)
• vs Bill Summary (GST on purchases)
• vs Aged Receivables/Payables (unrealised tax)

AU-specific notes

BAS lodgment

• Quarterly due 28 days after quarter end
• Monthly due 21 days after month end (if applicable)
• Lodged via Business Portal, Tax Agent, or STP-enabled software

GST on accrual basis

• GST reported when invoice sent (not when paid)
• Even if customer hasn’t paid, you owe the GST
• Bad debt adjustment available if never paid

GST-free and exempt sales

• Some sales have no GST (exports, basic food, etc.)
• Reported in G1 but not in 1A
• Check tax codes are correct (GST vs GST-FREE vs EXEMPT)

Input tax credits

• GST on business purchases is claimable
• Must have tax invoice for amounts over $82.50
• Cannot claim GST on private purchases

Cash vs Accrual comparison

Troubleshooting

Tax amounts seem wrong

• Check tax codes on transactions
• Verify reporting basis setting
• Review date range matches reporting period
• Check for unposted draft transactions

Can’t reconcile to GL

• General Ledger GST accounts should match
• Look for journals affecting GST accounts
• Check for rounding differences
• Verify period matches

No tax showing

• Check business region setting
• Verify tax codes configured
• Confirm transactions have tax codes applied
• Check “N/A” or “EXEMPT” isn’t overused

Large unexpected balance

• Review large transactions
• Check for duplicated invoices/bills
• Verify tax rate applied correctly (10% for AU GST)
• Check for prior period adjustments

Cash vs accrual difference large

• Indicates timing differences in payments
• Large receivables = accrual much higher
• Large payables = accrual may be lower
• Normal if payment terms are long

Related pages

• Tax Code Summary — Tax breakdown by code
• BAS Preparation — AU BAS detail (AU only)
• General Ledger — GST account detail
• Invoices — Creating tax invoices
• Tax — Tax settings and BAS lodgment

Last updated: February 24, 2026