Automatically Identify Expenditures with a Refundable Tax Component
Looking for an easier way to handle GST/HST? Most accounting software depends on your staff postings to specific general ledger accounts to track any tax refundable transactions. This dependency relies on staff separating the tax components from the rest of the invoice and coding the tax component to the proper general ledger account. In addition, many suppliers calculate tax portions manually and therefore may be prone to incorrect GST/HST amounts shown on invoices.
Surprisingly, recording GST/HST refundable components is often neglected by many finance staff and or is incorrectly processed resulting in tax credits being expensed rather than identified as refundable. Some invoices list refundable tax charges in various non-standard places, making the tax hard to catch consistently. Can you say with certainty that your staff correctly coded your GST/HST into the correct account? Are your employee expenses (e.g. travel allowances) properly being tracked and recorded? The Xyntax® GST Tracking & Recovery (XyntaxGST™) module will help track and identify refundable GST/HST components.
First Nations spend thousands of dollars every year examining historical accounts payable transactions to identify those transactions where GST has been incorrectly calculated, incorrectly processed or missed altogether. Even if outside consultants are used for this process, the cost to the First Nation can still be substantial
Highlighted Features
Any financial system can report on specific account postings which represent the GST amounts from each invoice. XyntaxGST tracks and reports on the missed postings and identifies invoices, expenditure types and general ledger account codes which could or should have a GST component. This greatly reduces the GST recovery audit time by pointing directly to items for further investigation.
Key Benefits
Fully integrated with all applicable Xyntax modules (GL, AP, AR, PO).
Assign different GST/HST/PST default codes to Suppliers.
Assign Tax Category Codes to specific general ledger accounts.
Reconcile postings on monthly, quarterly or annual basis.
Complete exception and variance reporting.
Specialize in missed postings for tracking and recovery of embedded GST amounts.
Utilize DoculinX™ to attach, scanned electronic documents directly to financial transactions within your Xyntax system (i.e., receipts, supporting documentation, etc.).
