Use the Export XML Auditfile option to create an export file of your database to be sent to the Tax Authorities or your accountant for verification. As you do not have to collect and present the ledger data yourself, this feature will save you time. The default format of the export file, the Financial XML Auditfile, contains the journal entries of the company/fiscal year for the period(s) specified. This could be one or more periods or an entire fiscal year.
To include the opening balance in the export, in addition to transactions, make sure the selection period is '0'. If transactions have taken place on the balance sheet, relating to the use of other balance sheet items for example, then those transactions will also be included in the export if the period is '0'.
Saving and sending an Auditfile
Once the process has finished, the Financial XML Auditfile is saved in the specified location. The Financial Settings allow you to specify a default folder. The proposed file name is composed of the fiscal year and the period specified. You can change the proposed folder and the file name, if necessary. If you select the Open folder after export check box, the folder containing the Auditfile will be opened to allow you to send the file to the Tax Authorities or your accountant.
Security
To ensure secure transmission of the XML Auditfile to the Tax Authorities or your accountant, you can use an application that compresses and encrypts the Auditfile. This application - which was developed by the Tax Authorities in consultation with accountants - can be downloaded for free from the website of the Tax Authorities.