Tax Schedule Improperly Calculating Taxes for a Particular Stream
Last updated on FEBRUARY 20, 2018
Applies to:Oracle Lease and Finance Management - Version 12.2.5 and later
Information in this document applies to any platform.
On : 12.2.5 version, Customer Service
Find that Tax Schedule is improperly calculating taxes for a particular stream after activating the contract.
When using the stream XXX UPFRONT INSURANCE, tax schedule in lease center shows incorrect UDFC chosen from the setup and therefore, incorrect tax is being calculated.
Expect correct tax schedules in Lease Center
The issue can be reproduced at will with the following steps:
1. Setup Transaction tax and assign different UDFC code to streams.
In customer's case, RENT and FEE should use the UDFC Code: DE_TAXABLE FEE TC
and XXX UPFRONT INSURANCE stream which is a service payment to use DE_NON_TAXABLE_TC, all with transaction type as "tax Schedules".
2. Author a lease contract with Rent, Fee and Service linked to the asset.
3. Book the contract so that Tax schedules are generated in Lease center
4. Query the contract in Lease center agent
5. Navigate to Schedules tab
6. Use pull down menu Tax Schedules
7. Look at the Rent, Fee and XXX UPFRONT INSURANCE streams
8. Click on Tax Amount on the right for each stream to see the tax Summary
8. Rent and Fee streams have the correct UDFC "DE_TAXABLE FEE TC" , however XXX UPFRONT INSURANCE stream does not. It should have UDFC "DE_NON_TAXABLE_TC" but it either has blank or "DE_TAXABLE FEE TC" which causes tax to get generated for this stream.
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