Income tax time – a time where you wish you could just close your eyes and hope for the best. I mean, you are an expert in dance, swim, gymnastics, etc. Unless you are a numbers person as well, tax time is just not your thing. And I am right there with you!
You may have an accountant that does your income taxes for you. Or, you may be a brave soul who does your taxes on your own. As we say in the south, bless your heart!
Either way, there’s good news. No matter who prepares your taxes, having cloud-based class management software like Jackrabbit Class, takes the dread out of tax time.
4 ways to survive tax season with reports from Jackrabbit Class
Jackrabbit Class has a library full of reports for just about anything you could possibly need to run your youth activity center. Included in the full list are some key reports to help you prepare for tax season. Whether you are pulling the information for yourself or passing it on to your accountant, this tax season will feel like a breeze.
The first thing to determine is if you use a cash or accrual basis for tax filing before you know which reports will give you what you need. Head spinning yet? We’ve got you covered – read more about the difference between cash and accrual basis below!
Cash vs Accrual
Jackrabbit Class has an entire suite of reports to show income received. Known as revenue reports, these reports are most helpful if you file using cash basis accounting.
With like criteria selected, each revenue report shows the same total revenue – just presented in a different format with different information detailed. Find the one you (or your accountant) prefers the most and heart it for the next year!
All of the revenue reports can be found in the Transactions/Financials section of the Reports menu.
Transaction Listing Report
If you file using accrual basis accounting, you might find that you prefer the Transaction Listing Report. If you or your accountant needs a ledger, this report is the one!
The results will show all transactions with taxes included during the specified date range. Seeing the taxes paid separated in its own column makes this one a client favorite.
With more than 20 filters, the Transactions Search is a powerful report to keep in your back pocket for tax season.
This is another great report if you file using accrual basis accounting. With the ability to specify exactly what you want to see, you can take your financial information from Jackrabbit and enter it in your accrual accounting system without headaches.
The Transactions Search will also show you the total taxes paid at the bottom of the report as a bonus!
Getting ready for tax time with Jackrabbit Class
Jackrabbit Class is an all-in-one cloud-based software fit for your business needs. Having access to reports in a single application makes tax time a breeze, even if this time of year isn’t quite your favorite. You can feel prepared without losing time with the families and students that come and go each week from your facility.
Ready to make income tax time (and the rest of your business) smoother than ever? Get started with your 30-day free trial with Jackrabbit Class today and take advantage of all of the reporting options ASAP!
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