Using the Summary Expense Report
The Summary Report in Prosaic shows a snapshot of your expenses and potential tax deductions, including anything that our AI finds automatically, as well as items you've manually claimed.
Here's some tips on how to use it.
Setting the Reporting Period
First of all, we will default the reporting period to your last financial year. You can set the reporting period to anything you like by clicking on the dates. We provide some common formats such as GST periods, monthly, financial years, or half years, but you can also set custom dates.
Adjusting the Default Claim Ratio
You can see we provide an overview of your default claim ratio. You can adjust this at any time. Any adjustments you make to your default claim ratio will automatically update across any expense that uses this claim ratio.
Drilling into Expense Categories
This report allows you to quickly drill into common categories like utilities, rates, and motor vehicle expenses. If you want to edit those transactions, you can jump to those categories by clicking on the category heading.
Estimated Tax Credits
We provide a summary of how your expenses translate into money in your back pocket in the for of income or GST tax credits.
Your expense claim will typically includes expenses that have GST if you are GST registered, such as power bills, petrol, and parking tickets. However, it may also include expenses that don't have GST, such as mortgage interest, or rent.
Tax Deductions are typically expenses incurred in the course of doing business. This means they will be deductive from your gross profit (or income), reducing your overall tax bill. Tax Credits, therefore, are the likely actual reduction in tax you will actually pay.
Using income tax as an example, if you earn $1000, and pay 33% income tax, then your tax bill would normally be $330. However if, in the course of earning $1000 you incur $400 of expenses, then this means you are only taxed on the $600 net profit, or $200 (at 33% tax rate). This means you have received a Tax Credit of $130 ($330 - $200).
Total Claim
This is the total value of all expenses claimed, including expenses with GST and without. The total will only include any eligible portion claimed (eg 20% of your power bill).
Income Tax Credit
To estimate credit on income tax, which we apply the marginal tax rate of 33% to ALL elligble expenses, less GST
GST Credit
TO esimtae your likely GST credit, we apply the 15% GST rate to ALL expenses that includes GST.
Look For More Deductions
This will take you into the step by step Review Expenses workflow, where you can adjust, remove or add expenses from your bank transactions
Share With Your Accountant
If you have been invited to Prosaic by your accountant, this button will send them a summary expense report for the chosen reporting period, which they can then post to Xero and include in your GST or tax return.
If you have signed up for Prosaic directly, you can still send a report to your accountant, just enter their name and email address, and we'll send them a secure, invite only link to review and download your expense claim
The Export Options below are not available if you have been invited to Prosaic by your accountant
Export CSV File
Choose the "Export as CSV" option to download a file containing all the relevant expense details. This CSV file is formatted to seamlessly import into Xero, or send to your accountant, ensuring a smooth transfer of your financial data.
Post To Xero (Coming Soon)
Choosing this option will prompt you to authorise Prosaic to connect and set up an integration with your Xero account, which will allow you to seamlessly share expense data into Xero as a draft journal or bill