Quick Start Manual

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Manual

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Accounting Basics 1
Accounting Basics 2
Accounting Advanced
Year End
Owner Equity
Income Tax
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Income Taxes


You need to close your fiscal year before you can do your income taxes.
Read section: "Year End" before proceeding.

You need information from the following reports for your income taxes.

- Profit and Loss Statement
- Balance Sheet
- Final Result
- Assets

You primarily need the Balance Sheet and P&L Statement for your income taxes.
The other two reports contain additional information about write offs and owner withdraw/deposits
that you need to specify in certain sections of the income tax form.




Profit and Loss Statement


The Profit and Loss Statement shows a detailed overview of your income and costs.
Go to: "Accounting > Profit and Loss".
Set the filter to show a whole year.

You can copy the amounts on this report to the corresponding sections of the income tax form.




Report: Assets


You specify the total write off on your assets in the P&L section of the income tax form, but you also
need to specify the original purchase value of those assets.
You need the assets report to determine the total purchase value of your company's assets.

Go to: "Accounting > Reporting" and click on "Assets Report".




The Balance Sheet


You can simply copy the amounts on your Balance Sheet to the corresponding sections of your income tax form.
Go to: "Accounting > Balance Sheet".

Make sure that you properly specify the Equity value.
The Company Equity is the total of *all* accounts that appear on heading "Equity".

Equity = "Owner Equity / Capital" + "Profit Previous Year" + "Owner withdraw/deposits" + "Owner withdraw/deposits Transit".




Report: End Result


This report shows an overview of all income and expenses.
Go to: "Accounting > Reporting" and click on report: "End Result".

In this report, you also see the amount that you wrote off on your assets and the total
owner withdraw/deposits.

The owner withdraw/deposits are important, because the company's Equity not only rises or falls when you make
a profit or loss, but also when you deposit or withdraw funds.
The tax form always checks if your Equity is correct and must therefore know the total amount
that you withdrew or deposited.

TIP: Dutch entrepreneurs specify the owner withdraw/deposits in Box 1: Company Profits.
If the income tax program warns that the Equity is not correct, then you should double check if
you specified the owner withdraw/deposits.

The income tax program performs the following check:
Expected Equity = "Equity Start of Year" + "Profit" + "Owner deposit" - "Owner withdraw".
The expected equity must match the equity on your balance sheet.


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