Financial Documents Required

Financial Documents Required

In order to produce the tax computation, AI.Taxassist system requires a few financial documents from your client. The documents required are listed below,

Note: General Ledger should only contain P/L items. No items from Balance Sheet should be present in the ledger.
  1. Financial statement 
    1. Copy of the audited or unaudited financial statement for relevant financial year
    2. Typically pdf but any format acceptable 
    3. Optional, for record purpose only
  2. Management Accounts (PnL) (.xls format)
    1. The Profit and Loss statement for relevant financial year
    2. Required in .xls format
    3. Mandatory and a core document for the assessment  
  3. Ledger (General ledger) 
    1. The General Ledger for relevant financial year
    2. Required in .xls format
    3. Optional but recommended document and one of the core documents for the assessment  
  4. Fixed Asset Register (if any) 
    1. The Register of Fixed Assets for relevant financial year
    2. Required in .xls format
    3. Optional document for the assessment, but recommended for auto loading of the Fixed Assets  
The system would also require you to choose which software type these documents belong to. The options listed are MYOB, XERO, Quickbooks and ACCPAC. 
Note:
1. Upon choosing a Software Type, if the documents are not being read properly or if you are unsure of the Software Type to choose, click on Assist Me button.
2. The Management Account excel must be containing 1 tab only. If more than 1 tab is present at least 1 tab must have the name 'PL'
3. The General Ledger excel must be containing 1 tab only. If more than 1 tab is present at least 1 tab must have the name 'GL'

What's Next?
Check out our guide How to Upload Financial Documents to start your tax preparation process.


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