Accounts

This section is to configure your accounts that you would like to use with TAP.

  • Withholding Tax Account – This account is the account that TAP will use for recording WHT when you make a payment through TAP. TAP will create one payment made to this account and update to Xero. In Bank Account, TAP will search through the transaction to detect this WHT account.   If the WHT account is detected, TAP will know which line item is for WHT.

You can add more than one accounts and change the default for which account is for PND 53 and which account is for PND3.

  • VAT Account – This is similar to WHT account but you will use it for VAT.

We need to provide the list below

1. Default VAT account

For this account,Xero already provide us account code “820” which have all VAT transactions. So we use this account for closing manual journal in each month and rename on Xero to “VAT”

2. VAT Payable account

As Xero has already provided us account code “1100”, so we use this account match with VAT Payable in TAP and rename on Xero to “VAT Payable” for more understanding.

3. VAT Receivable account

As Xero has already provided us account code “1101”, so we use this account match with VAT Receivable in TAP and rename on Xero to “VAT Receivable” for more understanding.

  • Enable Due and Undue VAT filter – This feature is for filtering data by detail below

1. Showing all transactions which are on VAT due

– We use the TAX rate which have provided from Xero as “Tax on Purchase” and “Tax on Sale” and update Tax rate to 7% (setup on Xero by going to “Setting > General Settings > Tax Rates”)

– Match “Tax on Sale” with “Output VAT Due” and “Tax on Purchase” with “Input VAT Due”.

2. Undue VAT will be hided from the system only paid status will be shown.

– We add more the TAX rate on Xero as “Tax on Purchase Service” and “Tax on Sale Service” and update Tax rate to 7% (setup on Xero by going to “Setting > General Settings > Tax Rates”)

– Match “Tax on Sale Service” with “Output VAT Undue” and “Tax on Purchase Service” with “Input VAT Undue”.

3. Credit notes which related to VAT undue will not appear on the system.

  • Non-Bank Account – If you have any non-bank accounts that your organization is using for payment, you can add them here.

       Click “Save” button to save changes you have made.

Then you will see the confirmation message.