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Hello everyone!
I would like to seek for your assistance in helping me to figure out the difference of Report sales tax for settlement period and Settle and post sales tax.
I was able to successfully run both reports but honestly I am confused as to:
1. Its use and
2. On how to determine that settlement or payment has been made to proper sales tax authority
Thank you in advance.
The inputs I will received will be of great help.
Hello, everyone!
It is me again.
May I again ask on where the Update button can be displayed similar to what was Saurabh has provided?
Or is this still available on the latest D365 FO version?
Thank you very much.
Hi Ramit,
Thank you for that quick and informative response.
Kindly confirm if my understanding is correct, the report that will be produced in performing "Report sales tax for settlement period" is not editable thus any correction on this should be done on a transaction level (i.e. correcting the transactions involve in the sales tax settlement)?
Is that right?
I am wondering on where the Update button can be displayed similar to what was Saurabh has provided.
I also saw the same Update button on AX 2012 versions but unfortunately I cannot locate it on the latest D365 FO version.
Hello,
The "Report sales tax for settlement period" is a report which shows what you are going to pay to authority, it is best to run before you settle, and if any discrepancy found, you can correct in transactions.
On the flip side, settle and post sales tax means you have settled and posted the settlement.
Once posted you can see that settlement in the "Sales tax inquiries"-> Sales tax payment.
From here, you can see all the booked transactions for that period.
Update us if this helps.
Regards,
Ramit
Hi Saurabh,
May I know if the UPDATE slider is customized?
Also, is there a way to first check the entry and amount prior to posting the sales tax to be settled?
Many thanks for the help
Thank you, Saurabh. It is now clearer on my end on how I should use these features.
Hi Elsa,
I think the site is no longer available.
Hi Dhanicca,
These two setups are requirement for month end settlements for sales tax. Required basic setups are:
1. Sales tax authority : Tax > Indirect tax > Sales Tax where you map the vendor account of "Tax Authority"
2. Sales tax settlement period: Tax > Indirect tax > Sales Tax, where you define how frequently the returns to the Tax authority will be filed, it all depends county to country statutory requirement
Now coming to use of these two:
1. In Declaration section: as per sales tax settlement period definition, company run the settlements process for entire period for arrive at the sales tax amount based on entire month sales & purchase transactions for each registration number,
2. As result we get the liability created based on localization requirement rules for the "Tax Authority" vendor account as mentioned in above setup
3. Now as next step company process the payment for "Tax authority " using payment journal
4. After Payment if require company can enter Challahan details in payment journal
Reporting:
To view settled transaction or payment made for the authority for a specific period , navigate to :
Tax > Indirect Tax > Sales Tax > Sales tax settlement period > Click on sales tax payments
Here is one of my blog for withholding tax process from Indian localization but will give you overview about the end to en processes for Tax:
Hi André,
This is the path for the two: Tax > Declarations > Sales Tax.
I would like to know the use and importance of these two and the related setups needed.
I already browse different MS D365 articles but there was not detailed discussions about the two.
I think I already found out how to do item 2 on the above. I missed assigning a default vendor account on Sales Tax Authority.
Hi Dhanicca,
Which exact reports are you referring to? Can you share the literal name and menu path? Or share a screenshot, so we might understand your question,
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