Decide VAT / Sales Tax and WHT on each bank transaction
Every row in Review Needed and In Books has a VAT (or Sales Tax) dropdown and a WHT dropdown - in table and card view - so you always make the final tax decision yourself.
In the AI Bank Transactions Center each transaction carries two tax controls next to the category:
- VAT / GST / Sales Tax - the rate that applies (UK VAT 20 %, Nigeria VAT 7.5 %, US state sales tax such as 8.56 % · CA sales tax, or Exempt).
- WHT - withholding to deduct or expect (Nigeria 5 %/10 %, UK CIS 20 %/30 %, US backup withholding 24 %, Australia no-ABN 47 %, Ireland PSWT/RCT, Canada non-resident 15 %/25 %).
AkountFly suggests, you decide. A dashed border means the tax engine suggests a rate - open the dropdown to apply it or pick No VAT / No WHT to dismiss. Your tax setup answers only change the suggestions: if you said you don't deduct WHT, nothing is suggested, but the dropdown stays so you can still apply it for an exception (hover it to see the hint).
What posts: money in → output VAT / 2280 Sales Tax Payable (US) and WHT receivable; money out → input VAT (recoverable countries) and WHT payable. In the US, sales tax on purchases stays inside the cost. Your choice on a Review row is kept when you approve; changing a rate on an In Books row reverses the old journal and re-posts the new one; Undo removes the journal and the document completely.
Rows that settle an invoice or bill show a small lock: their tax follows the document - edit the document instead.
Step-by-step
- 1Pick the rate on the row
Open the VAT (or Sales Tax) dropdown and choose the rate, or WHT and choose the withholding line. The row recalculates net, tax and the gross-up instantly.
Card view has the same two dropdowns under the category.Pick the rate on the row - 2Tell us about the counterparty
Click Tax details next to the dropdown to record the vendor's flags - VAT registered, non-resident, no W-9 / no ABN, WHT-exempt. The engine re-runs and updates its suggestion.
Tell us about the counterparty - 3Approve
Click Approve - the journal uses exactly the taxes you picked. If you picked nothing, the AI suggestion (or no tax) is used. A category is required for the non-bank side before approval.
Approve - 4Change your mind later
In In Books, change the dropdown again - AkountFly reverses the original entry and re-posts with the new treatment. Use Undo to send the row back to Review Needed with no journal left behind.
Change your mind later