Liability Variance

You have the option to import a file that contains unpaid tax liabilities by customer or customer and tax code. Finlee will compare each customer's tax ledger balance to the unpaid tax liabilities that were imported. In order to use this functionality, we will need to parse your import file. Please contact support@rakedigital.com for more information.

Customization

To customize this report:

Go to Reports > Customer Balance Summary.
Click Customize at the top of the page.

The following options are available:

Group by Tax Code: Checking this box will group the company's ledger and liability balances by tax code and report variances at the tax code level. Click Run Report

You can customize the report based on the following filters:

Choose the Account(s): Choose a single account, multiple accounts, or all accounts to include
Choose the Customer(s): Choose a single customer, multiple customers, or all customers to include
Set the As of Date: There are two date options, Transaction Date and Ledger Date. Transaction Date is the date of the ledger transaction. Ledger Date is the date the transaction was added to the ledger.
Variance Threshold: By default, the variance threshold is $0.00. This means that every company that either has a ledger transaction or liability balance will show on the report, regardless of whether there is a variance between the customer's ledger balance and unpaid liabilities. If you change the value, companies where the absolute value of the variance is less than the threshold will be excluded from the report. For example, if a variance threshold of $1.00 is entered, company with a variance between the tax ledger balance and unpaid liabilities between -$.99 and $.99 will not show on the report.

You can also add and delete columns based on what you would like to see displayed in the report.

Click Run Report.

The Posted column includes the sum of ledger transactions that have cleared in a prior bank reconciliation and non-banking transfers.
The Pending column includes ledger transactions that have not cleared in a prior bank reconciliation.
The Ledger Balance column includes all posted and pending ledger transactions.
The Liabilities column includes the imported liability balance.
The Liability Adjustments Column contains the sum of manually added liabilities from the Outstanding Liabilities tab.
The Total Liabilities contains the sum of the imported liability and the total of the liability adjustments.
The Variance is a calculation of Ledger Balance minus Total Liabilities.

The report data can then be exported to a csv file.