By sending your financial data to the TaxLevel platform, you can take advantage of a high degree of automation in preparing tax reports.
All available data is used to carry out checks and identify any errors or inconsistencies. If, for example, starting and/or closing balances can be sent for the target date, then a consistency check will automatically be carried out on all transactions and balances. If available, all cash transactions can also be traced and automatically checked against the balances.
As far as possible, all mapping is carried out automatically using available codes such as ISIN, securities numbers, internal identifiers (codes), etc. This means that the best use can be made of existing master data and values, and manual data entry is reduced.
Automatic currency conversion
The original currency of the various transactions often does not match the target currency for the end product. The available ECB exchange rates (ECB = European Central Bank) for all common currencies are used to convert amounts into the required target currency automatically. If an exchange rate is missing, simply enter the corresponding rate for converting into the base currency, the euro. Then the conversion into any target currency will take place automatically.
For all breakdown levels of the report, a summary is produced automatically on the cover sheet. Any figures which are not available or could not be calculated can be easily seen on this summary or are marked accordingly.