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Accounting Incorrect When Tax On Invoice Is Self-assessed And Tax Point Basis Is Payment. (Doc ID 2999422.1)

Last updated on AUGUST 08, 2024

Applies to:

Oracle Fusion Tax Cloud Service - Version 11.13.23.07.0 and later
Information in this document applies to any platform.

Goal

Interim Tax Account is Not Credited for Payment Accounting When Tax Point Basis is Payment.

EX...

Tax is 100% tax recoverability

Tax point basis is "Payment"

Tax Accounts for the tax rate of NL VAT STANDARD RATE Tax Expense is NULL

Interim Tax is 372300 Tax Liability is 372600

Tax Recoverable 372450

When invoice is accounted, the following entries are made

Self assessed line DR goes to 372300(interim tax) for 20

Self assessed CR line goes to 372600(tax liability) for 20 Item expense

CR for 100 Liability CR (321100)for 100

Payment accounting shows DR to liability account(321100) for 100

CR to Cash account for 100

DR & CR for Intercompany lines for 100

There is no offsetting line to the Interim account(372300) for 20

 

Solution

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In this Document
Goal
Solution
References


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