Tax Rule Definition – An overview

Introduction

Most business organizations will have a number of purchase and sale transactions. Many of these transactions will also involve the application of tax. The Tax Rule Definition component is designed to automatically default the appropriate tax code to the transactions. This is achieved through tax rule engines that you can define in this component.

Feature Highlights

• Support for defining tax codes and assigning tax rate for a tax code

• Support for tax code with unit rates

• Provision to specify the validity period for a tax rate

• Provision to store and show the modification history of the tax code.

• Provision to create codes under different types such as regular, surcharge types of tax code, for example, Regular, or Surcharge

• Provision to create tax group code

• Provision to specify description for the tax group code

• Provision to map individual / range of item codes or item variants (defined in inventory) to a tax group code

• Support for mapping TCD Codes and usage ids to tax group

• Provision to specify the period during which the mapping of the  item/tcd/usage id will be effective

• Provision to store and show the modification history of the tax group

• Provision to set the parameters that determine the tax code to be defaulted at transactions

• Provision to map tax codes to the parameters set, for defaulting of tax codes at transaction level.

• Provision for bulk copying of tax codes & tax groups

List of Activities