Ability to attach default item tax class to distribution codes & distributoin sets in AR & AP as GST in Australia is largely based on the expense & revenue type.
Default tax clases by GL account would make data entry & tax reporting much easier.
by: Jeff R. | over a year ago | Financial Management
Comments
General extension of the taxes configuration in this way will make the system more viable and acceptable in more international regions. For example, in addition to the above, default item tax classes by customer/vendor provides further flexibility.
All these mirror the way Inventory Items can be set up now so no major system change. just a matter of setting which default takes priority.
Most of the world's open trading countries have now adopted VAT/GST tax systems so these changes are needed.