Bank Accounts and Tax Reporting

Abelisk’s Bank Accounts and Taxes module allows you to track all bank and tax transactions within Abelisk along with appropriate accounting and reporting. This allows you to reconcile your cash accounts to the bank and adjust for charges and interest. It also allows you to generate the required reports for each tax authority.

Bank Accounts and Tax Reporting
The Bank Accounts portion of this module tracks all cash accounts in additional detail to allow for reconciling with the bank.  The reconciliation process can be done at any interval based on bank reported reconciled transactions.  This allows unreconciled transactions to be reported, at the same time.  To match the level of reporting by the bank, individual Abelisk cash transactions can be specified at the bank level, such as payments, or to be summarized to the bank, such as deposits.

Tax reporting is built off the tax detail in the transactions.  The tax codes used in the transactions support both refundable (VAT/GST) and non-refundable (usage/sales/excise) taxes.  Each tax authority has a standard rate along with an unlimited number of special rates covering each tax rate period.  The tax reporting can be generated for any period for each tax authority.



Abelisk is a rules driven system where you set the rules.



Abelisk™ Bank Accounts and Tax Reporting Module Advantages

  • Multiple bank accounts can be tracked in detail and reconciled against the bank
  • The bank and accounting records must match as all bank records are accounting entries although some must be summarized at the bank level, such as cash receipts on a single deposit
  • Easy reconciliation of deposits, checks/payments, charges/fees, and interest earned/paid
  • Automatic creation of accounting records to match bank charges and interest earned/paid as part of the reconciliation process
  • Provides quick visibility of any discrepancies between the General Ledger cash accounts and the associated bank accounts
  • Tax codes can be defined for each tax authority
  • One or multiple liability accounts can be used for tracking taxes at the accounting level
  • An unlimited number of special tax rates by product group and by tax authority can be setup to allow different tax treatment in different tax areas for each taxing period
  • Two separate taxes may be applied, either independently or progressively
  • Full support of refundable (GST/VAT) and non-refundable (usage/sales/excise) taxes and reporting
  • Tax reporting is based on the tax details from all modules and is available by tax authority
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