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Income tax (legacy method)

When you move to Mclowd’s Income Tax screen, the calculated taxable income (if any) is displayed at A, and tax calculated at the rate shown in Applicable Tax Rate is displayed at field T1.

Check the values shown in all fields and amend if required.

At times during the Year End processing, Mclowd may display a message telling you saved values differ from those calculated from data entered elsewhere:

You can expose the calculated value by hovering over a highlighted field, or choose the RESET TO CALCULATED VALUES button to reset the entire form to calculated values automatically.

If you have made changes to the default values, after choosing SAVE INCOME TAX, please choose TAX JOURNAL to record appropriate journal entries.