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Using Neat at Tax Time
A guide to tax reports in Neat 5
Taking Advantage of Neat Tax Reports
Using Neat 5, you can create three different types of tax
reports: Tax Category Reports, Sales Tax Reports, and
Tax Form Summary Reports.
This guide will explain the three different types of reports,
how to make a report, and how to troubleshoot any issues
you may have while creating the report. First, let’s look at
the options you have to pick from, then learn how to make a
report.
Tax Category Reports
Tax Category Reports allow you to view individual reports on
each tax category you select. These reports break down your
selected receipts by tax category. You can run a report on
every tax category in the program at once, or as few or as
many as you wish.
Each individual report is broken down further by a grouping of
your choosing. You can select any column heading currently
used in the program to group items in your report.
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Tax Category Reports, Continued
The picture to the right illustrates a
sample tax category report for
Schedule C:Meals and
Entertainment.
The heading of the report tells you
what tax category it covers, and the
date range included.
This particular report has been set
to be grouped by Vendor. Reports
can also be grouped by Receipt
Date and Category, an option
chosen in Step 3 of the Report
Wizard
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Sales Tax Reports
Sales Tax Reports are
specifically designed to pull
Sales tax from selected receipts
and folders. This is particularly
helpful if you are able to claim
sales tax as a deduction.
In the example at the right, the
report is broken down by
Category. These categories
are user-created, and differ from
Tax Categories. In addition to
Category, you may also choose
to group receipts by Receipt
Date and Vendor in Step 3.
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Tax Form Summary Reports
Tax Form Summary Reports are our most general report
option.
The Tax Form Summary Report organizes your expenses
according to the tax form your tax category assignments belong
to.
This layout can be particularly helpful when preparing tax
reports, because it matches your receipts to the exact lines to
which they apply.
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Tax Form Summary Reports, Continued
In the example at the right, you can see
a specific heading in grey at the top of
each section of the report. Beneath that
are the Tax Categories you assigned to
your receipts when filing them in the
Neat software.
For example, there were three (3)
receipts in this particular report that
were filed under the Tax Category
Meals and Entertainment. On the
report, these display as being part of
Schedule C, Line 24b: Profit or Loss
from Business.
The total of all receipts included in the
report appears as a Grand Total at the
bottom of the report.
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Creating a Tax Report
To create a tax report, click the Reports button at the top of the
screen. The Report Wizard will appear.
In this window, select Tax Report, the center option in this window.
You will see a dropdown box appear– in this box, choose Tax
Category Report, Sales Tax Report, or Tax Form Summary Report,
then press Next Step.
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Creating a Tax Report, Continued
In Step Two of the report creation
process, you are asked to set the
parameters of your report.
First, select the database contents you
wish to include in the report. To run a
report on all folders, leave My Cabinet
selected on the left side. You can also
limit to a single folder, or folder set. For
example, in the image to the right, the
folder Travel is selected.
With this folder highlighted, the report
would contain the Travel folder and all
of its subfolders, but would not include
any other information in other areas of
the database. This is helpful if you need
to run separate reports for home and
business, or on multiple properties.
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Tax Reporting, Continued
On this screen, you can also set
filters.
To tell the report which year you
wish to run the report on, click on
Receipt Date. By default, it will
choose Last Year, as this is the
time on which most tax reports
focus. However, you can also run a
report on the current year, a
particular quarter, or a past year.
Currently, our software will allow
you to run a report on any year
between 2005 and 2012. To select
a year older than the previous one,
choose In Tax Period and pick the
appropriate year.
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Tax Reporting, Continued
You can also set limits on your report.
By default, all ninety-five tax categories
included in Neat will be reported on; any
categories with zero receipts assigned
to them will automatically be omitted
from the final report. Click on the Tax
Category dropdown box to limit to
specific categories.
You are also able to include further
filters within the report, to set limits
based on any of the columns you
currently use in Neat. To add a filter,
click on Add Filter, set your desired
parameters, and be sure to press Apply
when finished.
Press Next Step when satisfied with
your selections.
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Tax Reporting, Continued
At step three in the report creation
process, you make final selections on
how you want the report to look.
Choose the appropriate paper size and
page orientation, and if you wish, title
your report.
For Sales Tax and Tax Category
Reports, you have the option of
choosing the grouping used in the
report. You have the option of grouping
by Vendor, Category, or Receipt Date.
In the example at right, Vendor is
selected. When using the Tax Form
Summary Report, grouping is fixed,
and cannot be changed.
Press Next Step to finish your report.
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Viewing and Saving your Report
At Step 4, you are finished, and can preview, then print and/or
save your report. You must save your report to have a copy
outside of Neat.
Press Save As to choose a file format to save your report to.
Many popular formats are available, including .PDF, Word
documents, rich text files, Excel files, and TIFF image files.
You can also save a Document copy of this report to Neat itself,
by choosing the Neat Document option. To print your report,
press Print.
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Troubleshooting your Tax Report
To successfully create a report, the Report Wizard requires certain
information to be included for receipts. Your receipts must have all of
the following information filled out:
Vendor Name Receipt Date Tax Category Amount
If any of this information is missing, you will see this error:
Close the Report Wizard, and double-check the content you have
included in the report, to ensure that everything is filled out
appropriately.
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Troubleshooting your Tax Report, Continued
If it appears that your report is not showing the correct date
range, go back to Step Two of the report, and check to make
sure you have selected the correct date range. Remember, to
run a 2011 tax report in 2012, you will want Last Year selected
as your year option.
To ensure you are always working with current tax information,
be certain to keep your software current. You can always
check for updates by going to Help Check for Updates
within the Neat software.
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