Tax Reports

The “Tax Reports” feature in the Wafeq system is one of the core financial reporting tools that enables users to view and analyze taxes applied to various financial transactions, such as sales and purchases. This report provides a clear breakdown of tax details for each transaction, ensuring accurate accounting records and compliance with applicable tax regulations.

Importance of Tax Reports

Tax reports play a vital role in helping businesses to:

1. Accurately monitor all taxes applied to financial transactions.
2. Ensure compliance with tax laws and regulations.
3. Facilitate financial auditing and review processes.
4. Provide a clear overview of tax liabilities over a specific period.
5. Support data-driven financial decision-making.

How to View and Understand Tax Reports in Wafeq

 Wafeq provides two types of tax reports:

•  Tax Report

This report presents a structured and detailed overview of taxes applied to financial transactions within the organization, enabling easy review, analysis, and compliance with tax requirements.

How to Access the Report:

To view the Tax Report, navigate to “Reports” from the main menu, then select “Taxes” under the Tax Reports section.

Report Fields:

• Tax Type: The general classification of the tax applied (e.g., VAT).
• Tax Name: The specific name of the applied tax.
• Taxable Amount: The total amount subject to taxation before applying the tax rate.
• Tax Amount: The calculated tax value based on the taxable amount.

Note: Clicking on any "amount" will display all related transactions that contributed to it in detail.

Through this report, you can benefit from the following features:

• Date Filter: Allows selection of a specific time period for analysis.
• Export: The report can be exported in PDF or Excel formats for external use.

• Tax Report – Detailed

This report provides a comprehensive breakdown of all taxable transactions, including invoice number, tax rate, invoice date, contact details, tax registration number, net invoice value, tax amount, and total amount.

How to Access the Report:

To view the Tax Report, navigate to “Reports” from the main menu, then select “Taxes” under the Tax Reports section.

Report Fields:

• Tax Rate: The percentage used to calculate the tax.
• Date: The transaction or invoice date.
• Contact: The related customer or vendor.
• Tax Registration Number: The tax ID of the contact.
• Description: Provides details about the transaction.
• Taxable Amount : The amount on which tax is calculated.
• Tax Amount: The calculated tax value.
• Total: The final amount including tax.

Note: Clicking on any amount will display all related transactions in detail.

Through this report, you can benefit from the following features:

1. Search: You can search using the invoice number, name, or any visible detail in the report to quickly find the required results.
2. All Time: You can define a specific time period to display data for that duration only.
3. Add Filter: This option allows you to filter data by contact or tax rate.
4. Edit Columns: You can customize the column view according to your needs by rearranging columns or showing and hiding specific ones to display more precise and clear data.
   Additionally, the "Frozen columns" feature allows you to drag and place a column into the “Frozen columns” section within the report, so it remains visible at all times while scrolling. Furthermore, you can enable additional columns as needed, and they will appear instantly in the report once activated, allowing you to tailor the data view to your requirements.
5. Sort: You can sort the data from oldest to newest or vice versa, or alphabetically.
6. Export: You can export the data in Excel or CSV format.