These cookies are required for the website to function properly. They ensure security, enable basic features like page navigation, and store user session data. You cannot disable these cookies.
- Tax Collection System
- Features
- Ledger and Periods
Ledger and Periods
Post approved documents as balanced journals into open periods and close each period on time.
OverviewAccounting Periods×
Tax Collection System · Ledger and Periods
New
Accounting Periods
Accounting periods
Open2
Period 264ORG-3797
09 Oct
Period 186ORG-7392
27 Oct
Add
Review2
Period 579ORG-2587
27 Oct
Period 945ORG-4995
07 Oct
Add
Closed2
Period 369ORG-6471
04 Oct
Period 330ORG-4667
15 Oct
Add
What you can do
Post every demand to a balanced ledger
Approved documents are posted as journal entries into an open accounting period that contains the posting date. Each journal has debit and credit lines against ledger accounts: the taxpayer receivable is debited for the gross amount, each document line’s account is credited for its net amount and tax payable is credited for the tax. The journal carries a stable operation key so the same document is never posted twice.
The chart of accounts lists each account’s code, name, type (Asset, Liability, Equity, Revenue or Expense) and active flag. Accounting periods have a name, start and end dates, a status of Open, Review or Closed and the time they closed. Journals are Draft, Approved, Posted or Reversed; a reversal references the journal it reverses.
How the work is organized
- Open periods only. Posting is accepted only into an open period that contains the posting date.
- Balanced every time. Debits and credits on each journal agree.
- Corrections by reversal. A posted journal is corrected by a reversing entry in an open period.
What to agree during setup
Load the chart of accounts and agree which accounts demand lines, receivables and tax payable use. Set up the year’s accounting periods. Agree the period close checklist and who moves a period to Review and to Closed.
Check the handoff on an actual case
The restaurant’s approved $1,650 demand is posted on 5 April into the April period. The journal debits taxpayer receivables $1,650, credits license fee revenue $1,500 and credits levy payable $150. The document shows Posted with the posting time.
At the end of April, the Revenue Accountant moves the period to Review, checks unposted documents and operation exceptions, and closes it. A demand dated 29 April that was still awaiting review is posted into May, because April no longer accepts postings.
What your team sees
- Accounting Periods — Periods with start and end dates, status and close time.
- Journal Entries by Status — Journals by status with document, period, posting date and any reversal.
Follow the work through
- Period close and receipt reconciliation: Close the period and resolve receipts.
- Refund, adjustment and reversal: Correct posted documents.
Map your chart of accounts before import.
What it keeps track of
Data model- Journal entries
- Balanced journal entries posted from approved accounting documents.
- Journal lines
- Debit and credit lines belonging to a journal entry.
- Ledger accounts
- Chart of accounts used by journal lines.
- Accounting periods
- Open, review and closed accounting periods controlling posting eligibility.
Who uses it
Permissions- Revenue Accountant
- , Assessment Officer, Assessment Reviewer.
- The Revenue Accountant maintains accounts and periods.
- The officer posts approved documents.
- The reviewer approves compensating corrections.
Set up Tax Collection System your way.
Start free, then use Proto to change fields, steps and approvals before your team goes live.