Anrok will automatically complete your US-based filings for you, but you can review and approve your returns yourself. Implementing a successful tax review process is easy to achieve with Anrok, so we have provided some tips to help you along the way.
Best practices when filing returns
- 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. You can expect at least one return to review each month. Anrok will send an auto-email out when you have returns . However, it is best practice to schedule some time to review your returns within the first five days of the month. See Review returns ready for filing.
- Ensure your returns accurately reflect your transactions.
Ensuring returns accurately reflect your transactions is vital for maintaining compliance and financial transparency. You can do so by checking the following:
Are your exemption certificates accurately uploaded and applied?
Do you have any unpaid transactions you want to exclude from your return?
Do you have any historic exposure that should be included on your return?
Do you have any unprocessed transactions that need to be included on your return?
- Review your returns after Anrok has filed them.
Once a return has been and received by the jurisdiction, you can review the finalized return. An essential part of this review process is examining differences between amounts collected from customers for tax and the amounts ultimately due and payable to a jurisdiction. See Best practices for reviewing filed returns.
Filing returns FAQs
We understand you may have questions related to filing returns in Anrok. Many of these questions are common, so let's work through some of these commonly asked questions together:
What does my return status mean?
— A return with the status of Open is a return that we are still in the period for which the return relates. For example, if you are a monthly filer viewing the February 2022 return on February 12th, 2022, the return status will be open. Anrok will automatically add new transactions to the return if the transactions received are relevant to the return period.
— 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.
— A return with the status of Approved for Easyfile is closed and will not add additional transactions. Anrok will file these returns, and the tax due will be remitted on time to the respective jurisdiction by Anrok. At this point, Anrok will require no further action from you.
— 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.
— 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 five business days for users to review and approve their prepared sales tax returns.
If you do not approve your return within the five-business-day period, the return will automatically flip to a status. The auto-approval process helps to ensure that Anrok always files your returns on time.
During this five-business-day review period, Anrok will continue to add transactions back-dated within the period 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 status, Anrok will pull the funds for the return from your bank account. Generally, this occurs within 48 hours of a return being in a status.
Anrok will make a separate funds pull for each filed return, with the memo field labeled by jurisdiction — which means you can easily track which debit ties to which return.
If your bank account information has changed in any way or if you would prefer to use a different bank account moving forward, we recommend immediately updating your account details to ensure a smooth remittance process. See Change your bank account.
Additional resources for guidance
These additional articles can provide more detail regarding your returns and the features offered by Anrok:
- What is a sales tax return?
- Report marketplace sales on a return
- Change a jurisdiction's filing frequency
- Edit transactions into and out of returns
- Reconcile your returns
If you have any questions about filing returns in Anrok, feel free to reach out to us at email@example.com for more information.