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This page allows you to modify and compute, authorize, or delete a tax adjustment. Through a link in this page, you can also view the debit / credit note generated by the adjustment made.
Select the “Authorize Tax Adjustments” link on the top of the “Select Tax Adjustments” page.
The “Authorize Tax Adjustments” page appears.
The system displays the following fields in the “Adjustment Information” group box:
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Tax Type |
The tax type for example TDS and TCS. The system displays the tax type for the selected adjustment number. |
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Tax Region |
The place where the tax declaration is to be made. The system displays the applicable value for the adjustment number. |
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Status |
The system displays the applicable value, Fresh. |
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Tax Adjustment No. |
The system displays the chosen value. |
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Numbering Type |
The system displays the applicable value. If the numbering type is 'Manual', Tax adjustment No. must be available. |
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Adjustment type |
The applicable adjustment type is displayed. |
Enter the following field in the “Adjustment Information” group box:
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Adjustment Date |
The adjustment date (Date format). Mandatory. Adjustment date must be greater than or equal to the latest transaction date. Adjustment date cannot be greater than system date. |
The system displays the following fields in the “Adjustment Information” group box:
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Finance Book |
The applicable finance book is displayed. |
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Tax Rule Engine Validation |
Indicate whether the validation with respect to tax code based on threshold limit is applicable or not. |
Note: This control would be visible only when the adjustment type is selected as "Consolidation"
The system displays the following fields in the “Tax Details” group box:
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Tax Class |
Tax class is a code that identifies the sub transaction type for reporting purposes, specified by the tax authorities. The applicable class of tax is displayed. |
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Revised Tax Class |
Use the drop-down list box to select the required tax Class. Mandatory. |
Note: Revised Tax class control would be visible and can be selected only when the Tax Class is Not Taxable.
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Party Type |
The applicable type, supplier or customer is displayed. |
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Party Code |
The applicable code of the party is displayed. |
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Party Name |
The name of the party is displayed. |
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Assessee Type |
The type according to the tax laws in force. The type of assessee is displayed. |
The system displays the following fields in the “Transaction Details” multiline:
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Transaction Type |
The type of transaction for the adjustment number selected is displayed. |
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Transaction No. |
The transaction number for the adjustment number selected is displayed. |
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Transaction Date |
The transaction date for the adjustment number selected is displayed. |
Enter the following field in the “Transaction Details” multiline:
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Transaction Amount |
Enter amount if required (Integer). The amount for the adjustment number selected is displayed. |
The system displays the following fields in the “Transaction Details” multiline:
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Transaction Currency |
The transaction currency for the Transaction number selected is displayed. |
Enter the following fields in the “Transaction Details” multiline:
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Exchange Rate |
The rate of exchange between the base currency and the transaction currency for the transaction number selected is displayed. |
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Taxable Amount |
The amount required to be taxed. |
The system displays the following fields in the “transaction Details” multiline:
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Code Type |
The type of the code. The code type for the transaction number selected is displayed. |
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Tax Code |
The tax code for the transaction number selected is displayed. |
Enter the following fields in the “Transaction Details” multiline:
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Tax Rate |
The rate of tax for the transaction number selected is displayed. |
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Tax Amount |
The amount of tax calculated. |
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Revised Taxable Amount |
The amount for the transaction number selected is displayed. Revised taxable amount is the modified amount that is required to be taxed during adjustments and must not exceed the taxable amount for the transaction type, transaction no, tax type. Revised taxable amount should be positive amount for the transaction type, transaction no, tax type where adjustment type is not Total Reversal. |
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Revised Tax Code |
The tax code as revised for the transaction number selected is displayed. Use the drop-down list box to select the required tax code. On change of revised tax code, the system gets the tax rate and display the same for the tax code, tax type, tax region, adjustment date. On Change of Tax code the system clears the revised tax amount field in the multiline (for the row for which tax code is changed). |
The system displays the following fields in the “Transaction Details” multiline:
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Revised Tax Rate |
The rate of tax as revised for the transaction number selected is displayed. |
Enter the following field in the “Transaction Details” multiline:
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Revised Tax Amount |
The revised tax amount for the transaction number selected is displayed. |
Click the “Compute Adjustments” pushbutton to compute the adjustments made.
Note: Revised taxable amount should not exceed the taxable amount for the transaction type, transaction no, tax type. It should also be a positive amount. If the adjustment type is 'Reversal' no tax needs to be calculated. Revised taxable amount should not exceed the taxable amount for the transaction type, transaction no, tax type
The system displays the following fields in the “Reference Document Details” group box:
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Ref. Doc. Type |
The type of reference document. |
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Ref. Doc. No. |
Displays the number of the reference document. |
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Ref. Doc. Amount |
Displays the amount in the reference document. |
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Total Taxable Amount |
This is the sum of the taxable amounts in the multi line. The amount for the adjustment number selected is displayed. |
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Total Revised Taxable Amount |
The total revised taxable amount will be the sum of the revised taxable amounts in the multi line. The amount for the adjustment number selected is displayed. |
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Total Tax Amount |
The total tax amount will be the sum of the tax amounts in the multi line. |
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Total Revised Tax Amount |
The total revised tax amount will be the sum of the revised tax amounts in the multi line. |
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Adjusted Tax Amount |
Adjusted tax amount must be greater than zero. |
Click the delete pushbutton if you require to delete the adjustment.
Note: The status of the adjustment transaction to be deleted must be fresh.
Click the “Authorize” pushbutton to authorize the adjustment.
The system updates the adjustment status as ‘Authorized’ for the tax adjustment no and saves the adjustment details and the page refreshes with the saved information.
The system also displays the following fields:
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Created By |
The login ID of the user who created the tax adjustment. |
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Created Date |
The date on which the tax adjustment was created. |
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Last Modified By |
The login ID of the user who last modified the tax adjustment. |
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Last Modified Date |
The date on which the tax adjustment was last modified. |
To proceed, carry out the following
Select the "View Tax Adjustments" link at the bottom of the page to view the tax adjustments.
Select the “Customer Debit / Credit Note” link at the bottom of the page to view customer account based note.
Select the "Supplier Debit / Credit Note” link at the bottom of the page to view Supplier account based note
