The Tax Vault is your dedicated tax account for storing all deducted taxes. It keeps tax funds completely separate from your operating money, preventing accidental spending and simplifying tax remittance. Learn how the Tax Vault works, how to track your tax application and balance.
What is the Tax Vault?
The Tax Vault is an automated, ring-fenced account where Bujeti stores all taxes deducted from:
Customer invoices (VAT, Consumption tax)
Vendor payments (Withholding Tax)
Any other configured taxes
Key Benefits:
Separation: Tax funds never mix with operating capital
Accuracy: Every deducted tax is automatically tracked
Visibility: See your total tax obligation in real-time
Compliance: Organised records ready for tax authority filing
How the Tax Vault Works - Automatic Tax Separation
When you enable "Tax Separation" on invoices or payments:
On Invoices:
Client pays the full invoice amount (including taxes)
Bujeti automatically separates the tax portion
Net amount goes to your main account
Tax amount moves to the Tax Vault
2. On Payments:
You initiate payment to vendor
Bujeti calculates and deducts applicable taxes (e.g., WHT)
Vendor receives net amount
Deducted tax goes to the Tax Vault
Example: You invoice a client ₦100,000 + 7.5% VAT (₦7,500) = ₦107,500 totalClient pays ₦107,500
₦100,000 → Your main account
₦7,500 → Tax Vault (automatically)
Viewing Your Applied Taxes
Navigate to "Accounting" > "Taxes"
Go to "Tax Applications" tab
See all taxes applied across invoices and payments
Filter by date range, tax type, or transaction
Viewing Your Tax Vault
Go to "Accounts" in your dashboard
Use the search bar to find your tax account
Click on it to view detailed transactions and current balance
Tracking Tax Obligations
The Tax Vault gives you complete visibility into:
Current Balance: Total amount held for remittance
Tax by Type: Breakdown of VAT, WHT, and other taxes
Transaction History: Every tax deduction with source invoice/payment
Date Ranges: Filter to see taxes collected in specific periods
Tax Vault Best Practices
Do:
Enable "Tax Separation" on all eligible transactions
Review Tax Vault balance regularly
Export reports regularly for your accountant
You can coordinate remittance with support from the Bujeti tax expert
Don't:
Disable tax separation if compliance is required
Miss filing deadlines - set calendar reminders (see
Forget to verify tax rates before applying them
Need help with tax remittance? Contact Bujeti Support - we're here to guide you through the process.