Setting Up Tax Services
Before you begin, make sure all the currency codes and currencies you need are included in Common Services. If not, enter the currencies you need.
To set up Tax Services, you need to be assigned to a user group that is authorized to maintain tax information. See Tax Services Security.
To set up Tax Services:
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Gather all your current tax records, such as:
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A list of the sales tax accounts used in your general ledger, such as the tax liability, recoverable tax, and tax expense accounts.
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A list of your sales areas with their associated tax authorities (such as federal, state, or provincial), and tax rates.
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Add the general ledger accounts you need for your tax data.
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Add a record for each tax authority to whom you remit taxes.
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Define the tax classes for each authority.
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Enter the tax rates for each set of sales and purchases tax classes.
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Set up tax groups containing the authorities.
You are now ready to enter tax information in your subledgers.