Accounting and Invoicing

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Tax Report and Return

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In this video, learn about Odoo's grid-based tax computing system as well as TaxCloud and AvaTax, how to configure your tax report, and make use of the "Lock Date" function to keep control of your posted tax reports.

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1. What is the difference between “Tax Return Periodicity” under “Settings” and the selectable fiscal periods in “Tax Report”?

The first one configures Odoo to compute my tax return correctly; the second one only gives me an overview of my taxes for the selected period. The first one configures Odoo to compute my tax return correctly; the second one lets me create a tax report for the selected period. It is a ‘convenience’ feature. They both allow me to do the same thing.

2. Once I settled my tax accounts in “Tax Report,” how do I know if I have to pay taxes or claim taxes back?

According to the ‘debit’ or ‘credit’ columns of the “VAT Current Account.” By checking the “Bank and Cash” journal. I will only know once I upload it to my local governmental tax portal.

3. The VAT report has already been locked, but I still have to register a transaction that happened PRIOR to the lock date. What can I do?

Transactions prior to lock dates can still be registered without any problem, even if locked. Create a new VAT report and register the missing transaction. Register the transaction, and Odoo will automatically post it in the next fiscal period.

Accounting and Invoicing

Tax Report and Return

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