Manage taxes in a cash basis taxpayer

Viindoo Accounting Software provides the Cash Basis feature to help your business easily record taxes incurred when they are defined as valid according to the cash basis accounting method.

Requirements

This tutorial requires the installation of the following applications/modules:

Manage cash basis taxes

With the cash basis taxes management, the taxes incurred on unpaid invoices and vendor bills will be recorded in the transitional account.

Record taxes in the transitional account

Once the invoice/bill is paid, a journal entry recording the transition of taxes from the transitional account to the main account will be created.

Paid vendor bill

You can navigate to Accounting ‣ Accounting ‣ Journal Entries to group by Journal to easily review this newly created entry.

Journal entry recording taxes after a payment Details of journal entry