Introduction
Implementing a successful tax review process is easy with Anrok.
- Schedule some time at the beginning of each month to review your returns.
Most companies will have some monthly, quarterly, and annual returns depending on the jurisdictions in which they file. So it is common to have at a minimum one return to review each month. Anrok will send an auto-email out when you have returns ready to review. However, it is best practice to schedule some time to review your returns within the first 5 days of the month. - Ensure transactions are accurately reflected in your returns.
Are your exemption certificates accurately uploaded and applied?
- Once your returns are approved and filed, you will be able to reconcile your tax collected versus tax paid amounts.
Below are some common FAQs about your Anrok returns.
What does my return status mean?
Ready for Review. A return with the status of Ready for Review means that the period for which the return relates has ended. For example, if you are a monthly filer an Open return will flip to Ready for Review at the close of the month. New transactions received by Anrok that are relevant to the period are still automatically added to the return.
Approved for Easyfile. A return with the status of Approved for Easyfile is closed to any additional transactions being added. These returns will be filed and the tax due remitted on time to the respective jurisdiction by Anrok. No further action is required from you.
Preparing return. A return with the status of Preparing return is in the process of being drafted and filed. During this stage, you should expect to see funds being pulled from your bank account on file for the return.
Filed. A return with the status of Filed has been submitted to the jurisdiction. You can always view this return to see what was included in the return.
How long do I have to review my return(s)?
Anrok provides 5 business days for users to review and approve their prepared sales tax returns.
If you do not approve your return within the 5 business day period the return will automatically flip to Approved for Easyfile. This allows Anrok to always file your returns on time.
During this 5 business day review period transactions that are received by Anrok that are back-dated within the period will continue to be added to the return until the return is approved by the customer or automatically approved at the close of the review period.
When and in what format does Anrok pull funds from my account for returns?
Once a return has been approved and drafted in the Preparing return status, Anrok will pull the funds for the return from your bank account. Generally, this occurs within 48 hours of a return being Approved for Easyfile.
Anrok will make a separate funds pull for each return being filed, with the memo field labeled by jurisdiction. This means you will easily be able to track which debit ties to which return.
Additional guidance
These additional articles can provide more detail regarding your returns and the features offered by Anrok.
- Does sales tax follow a cash or accrual method?
- How do I report marketplace sales on my returns?
- How do I change my filing frequency?
- How do I edit transactions into/out of my return?