Tax & Control Accounts

Tax & Control Accounts cover the Balance Sheet accounts used for VAT (UK Only), PAYE & Directors/Shareholders Loan Account to ensure they reconcile correctly and reflect the correct liability. You can also map accounts for Entertainment and Expense Account Codes that you want to track in your workflows.

What you need to know:

  • The first thing you need to do is map the correct chart of account codes to each of the tax & control accounts in order for the checks to work correctly.
  • It is more efficient to map these accounts first under the configuration section under your client’s overview as explained below vs making changes when running the checks under our Insights section also explained under Explanation of Control Accounts below.

Setting up (or Mapping) Tax & Control Accounts

  1. Start at Team Home – Click on a Client in the Client List
  1. Go to Configuration – Tax & Control Accounts

VAT Settings

  1. If your Client is VAT registered review the VAT Settings at the top of the configuration page to ensure the information from Xero is correct. You may need change the Start Month in Precision. This is because Xero doesn’t tell us this information. It only tells us if it is a monthly, quarterly or annual VAT return. So double check these settings for all your client and If you do need to update the start month, click on the pencil icon and choose the correct VAT starting month and Save.

Account Code Tracking

  1. Map the accounts by clicking on Select Accounts at the bottom of account code you want to set up.
  1. Click on the accounts that you want to apply to this check. We identify some Suggested Accounts but if they are not applicable review the All Other Accounts list for the correct codes. As you select the account codes they will be moved up to the top of the screen. If they are incorrect you can delete them by clicking on the trash can icon next to the applied account code.
  1. Repeat these steps for each of the Tax & Control Accounts in this configuration section.

Note: If you want to make any changes to the mapping of the accounts in future go back to Tax & Control accounts and click on Change. You can delete the accounts selected and choose new ones from your list and Save.

Next Steps:

Now that you have mapped your control accounts you can include them in your Workflow Templates as part of your workflows such as Monthly Bookkeeping.