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Wednesday, September 7, 2011

Tax Codes Setup In Ap

Setup>Tax>Codes

Overview:

Tax codes needs to be defined to be assigned to supplier sites, invoices and purchase orders.

Define Tax Codes

Tax Code: Enter a name for the Tax Code.

Tax Type: Select an appropriate tax type from the list of values. E.g. VAT, EXEMPT VAT, etc.

Rate: Enter the tax rate relevant for that particular tax code.

Effective From: System date will default the current date as effective From Date.

Effective To: Put an end date to the tax code, if required.

Enabled: Select this option to activate the rate you entered for the Tax Code. This field is enabled by default. The Enabled check box controls whether a tax code appears in a list of values.

GL Account: Account to which you want to charge tax amounts for the tax code.

Account Description: Based on the Account entered, the description will default.



Recovery Rate: If it is a recoverable tax, enter the rate that is recoverable. The value will default from the payable options and can be overridden. If for a particular tax code the tax cannot be claimed from the government, then enter zero.

Description: Enter the description for the tax code.



Enable for Internet Expenses: This field is used when Self Service Expenses/Internet Expenses is installed and you want this tax code to appear on the tax poplist.

Offset Tax Code: Payables creates an Offset tax distribution based on the Offset tax you enter here when you choose the Calculate Tax button or during Approval. Payables will create the Offset tax only if you have enabled the Use Offset Taxes option at the supplier site level.


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