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 laterInformation 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 |