Tax Periods
Define and manage tax reporting periods for your organization.
Tax periods define the time ranges used for tax calculations and filing. Navigate to Tax > Periods to manage them.
Creating Tax Periods
Set up periods that match your tax filing schedule:
- Monthly — Common for VAT/GST returns
- Bi-monthly — Two-month filing pairs (e.g. SA VAT Category A: Jan–Feb, Mar–Apr). Choosing Bi-monthly pre-fills the current Category A pair; adjust dates for Category B (Feb–Mar, …) or another range.
- Quarterly — Used for estimated tax payments and BAS
- Annually — For annual tax returns
Period type is a filing-frequency label. Filing and the ZA VAT report use the start and end dates you set.
Period Status
Each period has a status:
| Status | Description |
|---|---|
| Open | Transactions are still being recorded; the return has not been submitted |
| Filed | You marked the return as submitted; its figures are frozen |
Mark a return as submitted
When you have submitted the return to SARS (or your tax authority), open Tax > Periods, choose the period and click Mark as submitted, with the reference if you have one. Anchor then:
- Freezes the period's figures (output VAT, input VAT and the net), so entries backdated into the period later do not change the filed return.
- Posts a journal dated the period's last day that clears Output VAT and Input VAT for the period to VAT Suspense (the amount owed to, or by, the tax authority).
- Marks the period Filed. A filed period cannot be filed again or deleted.
Anchor records the submission; it does not submit the return to SARS for you. A period whose last day is in a locked period cannot be marked as submitted, because the journal would land in the locked period: file before you lock past dates, or have the owner move the lock date first.
Record the payment or refund
On a filed period, click Record payment / refund. Choose whether you paid or received a refund, the bank or cash account the money moved through, the amount (filled in from the filed net) and the date. Anchor posts VAT Suspense against that account and links the entry to the period. Match the bank line to this entry when it arrives rather than categorising it again. A date in a locked period is refused.
Ask ARIA
Admins can ask ARIA "File the Aug–Sep VAT period" or "We paid SARS R12 340 for Aug–Sep from FNB Cheque". The card shows the figures before anything is posted; see VAT filing and payment.
Best Practices
- Lock past dates after you mark the return as submitted, to prevent accidental changes
- Review the VAT report before you mark the return as submitted
- Keep records of filed returns for your records