Reconciling IRD data in Tax Manager

1. Open the IRD Data page. The unreconciled transactions are listed.

   

   You can group and filter the unreconciled transactions to make searching them easier. For example, click and drag the Tax Year column heading to the grey group by bar to group the transactions by tax year, or add a filter to the Tax Type column to only show unreconciled Income Tax transactions.

   
   

2. Click on the IRD Number for the required client. Tax Manager opens displaying the Reconciliation view.

3. Review the list of unreconciled transactions.

4. To reconcile a pair of transactions:

   1. Click the checkbox for the IRD transaction and MYOB transaction you want to reconcile.

   2. On the TASKS bar, click Reconcile. The entries are reconciled and displayed on the same entry in the table with a Confirmed status.

5. If there is an IRD transaction with no matching MYOB transaction, you can add a matching MYOB transaction:

   1. Select the IRD transaction.

   2. On the TASKS bar, click Add selected entry. A matching MYOB transaction is added to Tax Manager.

Unreconciled Assessments are indicated by an icon in the Status column of the IRD Data page. When the assessments are reconciled, the icon is changed to a green tick. You can reconcile these assessments.

1. Click on the IRD Number for the required client on the IRD Data page. Tax Manager opens displaying the Reconciliation view.

2. On the TASKS bar, click Summary. The Summary view opens.

3. Right click the required Assessment to change the status to Accepted. When the Assessment is accepted, the assessed transaction will be updated with the IRD’s assessed value if there was a variance.

When you accept a terminal Income Tax assessment, if there is a variance in the figures, the Assessment details will be displayed so you can balance your figures against the IRD assessment.

You can't accept the assessment until the variances are zero.

1. Adjust the amounts in the Assessed column fields (Taxable income, Tax thereon, Tax credits and Beneficiary tax) until the variance between the Calculated RIT and Assessed RIT in the Assessed column is zero. When this occurs, the OK button will be activated.

2. Click the OK button. Your changes are saved and the assessment is accepted. The amount in your Tax Manager assessment transaction (in the Transactions view) is updated to match the IRD assessment.