When processing a 2024 Cloud Return, 2025 Estimated Provisional Tax must be entered into the Ledger in Tax Manager. Please follow the steps below:
In Tax Manager, click into the Ledger tab, then the Prov tab.
From the drop-down menu, select Estimation.
From here, you can either enter the 2025 Estimated Income OR the 2025 Tax on Est Income. Tab off the field to calculate the other value.
Set the New Calc Date as required.
The Estimated Provisional amounts are then allocated across the payments due.
Click the Update button to sync these values to the Ledger.
Process the Cloud return as usual.
On the Summary tab, ensure the Estimation option is selected and the same 2025 Estimated Prov Tax is entered here.
Save Return.
From the Return Actions menu, click Confirm Return to update the Payment Schedule Summary report with the draft values.
Click on Generate Reports, tick the Payment Schedule Summary and when complete view the Payment Schedule Summary.
This report will retrieve the Estimated payments (prior to the Return Calc Date) from the ledger and the rest of the Provisionals due are based on the Estimate in the return.
Note: the Ledger is not yet updated with data from the calculated return.
When everything looks accurate, click Sync to Ledger from the Return Actions menu. This will ensure that the updated values to flow through to the ledger.
Note:
If you make any subsequent changes in the Ledger, remember to use the Sync to Ledger option to ensure they are reflected in the draft Payment Schedule Summary.
If any changes occur in the Tax Return, whether values are updated or the Return Calc Date adjusted, follow these steps:
Save Return.
Confirm Return.
Generate Reports.
View the reports.
The development team are looking to move this functionality into the Cloud Tax Return in the 2025 year, although this may not be available in the first release, due in April 2025.