Initial Exercises—Tax Ledger

Initial Exercises

Purpose: The purpose of these initial exercises is that the instructor will use them for demonstrating the basic functionality in Tax Ledger, which entails:

Basic Data and Requirements

Accounting Rules - Tax Codes

Purpose: The purpose of this exercise is to check basic parameters for your company.

Windows:
Tax Codes

  1. Populate the window.
  2. Check that following taxes are entered.  
Tax Code Description Percent Tax Type Tax Method

Tax Received

 Deduct

100%
1 Tax w.o. reduct 25 Tax Invoice Entry 100
2 Tax w. reduct. 12% 12 Tax Invoice Entry 100
3 Tax w. reduct. 6% 6 Tax Invoice Entry 100
0 No Tax 0 Tax Invoice Entry 100

Tax Ledger

Create Customer Invoices

Purpose: The purpose of this exercise is to create a customer invoice with a tax code.

Windows:
Customer Invoice
Update GL Vouchers

  1. Open the Customer Invoice window and press New.
  2. Select your customer form the List of Value.
  3. Enter the invoice id.
  4. Go to the Lines tab and enter tax code 1 and gross amount 100.
  5. Go to the Postings tab and press New.
  6. Enter an income account.

Note: The income account must have Tax handling set to All.

  1. Tab to tax code and enter 1, continue to credit amount and enter 80.
  2. Save.
  3. Go to the updating routine and update your customer invoice.

Tax Reporting

Create a Tax Report Proposal

Purpose: The purpose of this exercise is to extract data out of the Tax Ledger and preparing a report for the tax office.

Windows:
Automatic Tax Proposal

  1. Open the Automatic Tax Proposal window. Right-click and then click Load New Proposal.
  2. Enter a description for your proposal.
  3. Select your tax office from the List of Values (F8).
  4. Select the SALES tax report.
  5. Select the day or period range. This depends on your customer and supplier invoices and payments. The default is the actual period-1.
  6. Click OK.
  7. Select the row, right-click, and then click Details. Check the entries. You should see customer-related postings only (F and N voucher types). Close the Automatic Tax Proposal Details window.
  8. Highlight the line and right-click to select Details. Check the entries - you should see customer related postings only (F and N voucher types). Close the Automatic Tax Proposal Details window.
  9. Right-click to select Acknowledge. The status of the proposal changes from Created to Acknowledged.
  10. Right-click to select Print Definitive Report. You will get a printout of the tax data ready to be sent to your tax office. The proposal is set to Reported/Valid status.

Note: The state of the proposal is repeated in Query Tax Transactions. After printing the report, every transaction is set to Reported.