Make sure that your accounts are in order and reconciled.
Tags in LodgeiT facilitate accurate completion of tax forms. While they may not be frequently necessary, they prove invaluable in scenarios where specific treatment of an account line item is warranted, such as identifying non-deductible expenses. Tags play a crucial role in automating the process of filling out tax forms, particularly within the reconciliation section.
Related guide: Understanding LodgeiT Chart of Accounts
Video: Accounts Classification Tags and Company Reconcilation
Video: Accounts Classification Overview using a Company
Note: LodgeiT auto map and classify the line items, but we still suggest you to check it through. Though, you only have to do the mapping once, then on the following year the "tags" are already available. Not unless, you've added a new line item.
Select "Settings", then press "Chart of Accounts"
You may also find "chart of accounts" through "Financials" tab
On the left are the accounts imported from 'QuickBooks Online' & Classified as Trading Revenue.
For ATO related Liabilities, you should map as ATO Taxes.
For Equity, Create as many Reserve accounts as you like in your clientside software & Map them here -
For "Immediate Write Off" classify "Instant asset write off $30k" as
Be sure to manually add here for tax purposes to get accounting & tax facts to reconcile. -
For Accumulated Depreciation on Motor Vehicle, ?LodgeiT accounts should be thought of as categories. Placeholders for accounts created in the client side accounting software.
Create Motor Vehicle at cost in your client side file and Map all under "Fixed Assets" at cost in LodgeiT. You'll see all your line items in the final "Financial Reports" Balance Sheet. Be sure to link your related accounts. i.e. link Motor Vehicle at cost with with Accumulated Depreciation on Motor Vehicle.
In cases of Company "Rental Property" doesn't recognize in the Expenses as "Rental Property Expenses", best to check "Accounts" and classify accordingly.
ie, Map the Rental Income & Expenses, currently this mapping simply excludes the rental income & expenses. Rental property facts MUST still be keyed into the given rental property schedule.
Enclosed the excel of LodgeiT standard "chart of accounts"
Related articles:
Understanding LodgeiT Chart of Accounts
Preparing Accounts for LodgeiT
How to Ensure Accounts are Accurate
Understanding Accounting Reports