You have told us that it can be difficult to see exactly how payments have been applied within a tax pooling account. We’ve been working on a solution, and we’re excited to now be able to share this with you.
That's why we've introduced the new Payment Report.
Available as a branded PDF, Excel document, and a portal view, the report provides an itemised breakdown of every payment received against a taxpayer's tax pooling account.
What does the report show?
The report provides a clear audit trail, including:
- When a payment was received.
- Whether the payment was a deposit or made against a purchase.
- How the payment was applied.
- Any split payments.
- Any taxpayer splits.
In short, it gives accountants and taxpayers a much clearer view of how payments have been applied.
Why does it matter? If you've ever spent longer than you'd like answering a payment-related query, you'll understand why this matters.
Whether you're reconciling accounts, answering client questions or reviewing historic transactions, being able to see exactly what happened and when can save time and reduce uncertainty.
Rather than relying on multiple screens, reports or manual explanations, the Payment Report brings everything together in a single view.
It's part of a broader set of enhancements we're rolling out, alongside Payment Reminders and Access Controls, to make Tax Traders easier to use and reduce administration for clients and advisers.
You can
learn more about the Payment History report here, or if you'd like a walkthrough of the feature
our team would be happy to help.