Manages tax related processing for all transactions in the system. By making tax handling a separate component, new tax rules can be added easily.
|GST, VAT Support||Individual tax types can be defined for city, state, provincial, Value Added Tax (VAT), and Goods & Services Tax (GST). Tax types can be created to handle the special rules required in some jurisdictions such as taxes which are themselves taxable. Tax types can be modified at any time without effecting any existing transactions.|
|Tax Summary by Jurisdiction||Monthly summary information is tracked for each tax type. Summary information includes transactions originating in any application component.|
|Tax Groups||Tax types can be combined to create a tax group. Tax groups can be specified in customer and vendor transactions to calculate the tax to be collected or to be paid. The amount of tax is calculated based on the taxable portion of the transaction. Tax amounts are distributed by tax type to their assigned G/L accounts.|
|Transaction Level Tax Detail||Transactions which calculate taxes can display tax details for each tax type used in the transaction. The tax information can be displayed or hidden by using the tax details button.|
|Complete Integration||Centralized tax handling allowing tax related features to be added without modifications to other components such as Accounts Receivable, Accounts Payable, Sales Order, Purchase Order, and any custom designed components.|