For some clients who enter some taxable transactions in GL rather than AP/OE/AR/PO or IC, it would be great to have the option for the tax module to pick up the tax compnenet (like bank services does now).....
by: John W. | over a year ago | Financial Management
Comments
What taxable transactions could best go into GL that really shouldn't go into any other module/ledger?
Example 1: Statutory requirement from Singapore Government.
Any interest, rounding, exchange gain and lost, need to be included in the Tax return form, we are not able to enter such entry in any other modules. So the users have to manually calculate this in GL and added in Tax Return form. And it does not appear in Tax Tracking report.
Example 2: Statutory requirement from Malaysia Government (GST April 2015).
Imported consultancy and Service need to apply a Reverse Charge Mechanism.
Transaction is enter to a tax code "NR". Then a Reverse Charge Mechanism must be follow: debit input tax "TX" and Credit output tax "DS".
There is no other module can do it except in GL.