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Assign Income Tax categories

Created on  | Last modified on 

Summary

How to export and import Income Tax categories within the Chart of Accounts in Sage Accounting. This helps keep your income tax data accurate and consistent.

Description

It's important to map your Income Tax categories to your ledger accounts so that you don't under report on your quarterly updates.

You can bulk update Income Tax categories on existing ledger accounts in Sage Accounting rather than manually updating each one.

You can use this feature even if your dataset already has transactions. Export your current Chart of Accounts with Income Tax categories, edit them externally, and re-import the updated categories.

Resolution

▼ View the full list of available Income Tax categories

ACCOUNTANCY_FEES
ADVERTISING
BUSINESS_ENTERTAINMENT
CAR_VAN_AND_TRAVEL
DEPRECIATION_AND_LOSS_PROFIT_ON_SALE_OF_ASSETS
FINANCIAL_CHARGES
GOODS_MATERIALS_COS
INTEREST_CHARGED
IRRECOVERABLE_DEBTS_WRITTEN_OFF
NOT_APPLICABLE
NOT_REPORTABLE
OTHER_BUSINESS_EXPENSES
OTHER_BUSINESS_INCOME
PAYMENTS_CIS
PERSONAL
PHONE_STATIONERY_AND_OFFICE_COSTS
REPAIRS_RENEWALS
RRUI
TAX_TAKEN_OFF_TRADING_INCOME
TURNOVER
WAGES_AND_STAFF_COSTS

Import your categories

▼ Step one: Export Income Tax categories
  1. Go to Settings, then Business settings.
  2. Under Financial settings, select Chart of accounts.
  3. Select the option to export ledger accounts with Income Tax categories.
  4. Download the CSV file provided.
▼ Step two: Prepare your CSV file for import

Open your CSV file in an editor such as Excel.

Your CSV file must have these headers:

  • NOMINAL CODE
  • LEDGER NAME (optional)
  • INCOME TAX CATEGORY
  • CATEGORY (optional)

Ensure you format the Income Tax Category correctly. Examples include:

  • ACCOUNTANCY_FEES
  • ADVERTISING
  • BUSINESS_ENTERTAINMENT
  • CAR_VAN_AND_TRAVEL

For a full list, refer to your available Income Tax categories in Sage Accounting.

▼ Step three: Import your updated CSV file
  1. Return to the Chart of accounts.
  2. Select to import the CSV file.
  3. Choose how to handle blank cells:
    Delete: Removes any existing Income Tax category
    Ignore: Leaves existing Income Tax categories unchanged
  4. Confirm the number of records to update.
  5. Begin the import process.

Upon successful completion, you'll receive confirmation of total records updated.

Additional information:

  • Income Tax categories are only applicable to P&L ledger accounts
  • Balance Sheet ledger accounts will default to 'NOT_APPLICABLE' if any other category is provided

Common errors

If you can't import your file, we'll provide an error message which tells you what the problem relates to. 

For more support read: Import Income Tax categories errors.