| Field | Description |
|---|
| Tax Settlement Type
|
This shows the type of account used. This field displays one of the types listed below. For a detailed description of each tax settlement type, please refer to the descriptions of the G/L Tax Codes, Tax Codes, and Tax Reporting Unit Selection workspaces.
- Tax Receivable — The line shows tax amounts registered on the accounts referred to by the dimension combination specified for tax receivable in the G/L Tax Codes, Tax Codes, and Tax reporting Units workspaces.
- Tax Payable — The line shows tax amounts registered on the accounts referred to by the dimension combination specified for tax payable in the G/L Tax Codes and Tax Codes workspaces.
- EU Acquisition Tax — The line shows tax amounts registered on the accounts referred to by the dimension combination specified for acquisition tax in the G/L Tax Codes workspace.
- Investment Tax — The line shows tax amounts registered on the accounts referred to by the dimension combination specified for acquisition tax in the G/L Tax Codes workspace.
- Basis high investment Tax — The line shows amounts that form the basis for calculation of high investment tax. The line there for shows amounts registered on accounts used for investment tax basis in B/L tax codes in which the investment tax is zero. These accounts are referred to by the dimension combination specified for each C/L tax code.
- Sales Tax — The line shows tax amounts registered on the accounts referred to by the dimension combination specified for sales tax in the Tax Codes workspace.
- Tax — The line shows amounts registered on the account of a given tax type. The field “Tax Type” on the current line shows the relevant tax type. You can assign an account to a specific tax type in the Tax Reporting Units workspace by specifying a dimensions combination.
- Ratio Tax — The line shows amounts registered on the accounts referred to by the dimension combination specified for the ratio tax in the G/L Tax Codes workspace.
|
| Tax Type
|
In this pop-up field, you can select a tax pop-up value. The tax reporting unit(s) on the line will only be used if this tax nature matches the tax nature code from the tax code or the G/L tax code applied in a registration window when registration values are entered.
|
| Nature of Tax
|
In this pop-up field, you can select a nature of tax as Taxable, Tax Exempt, or Export. The tax reporting unit(s) on the line will only be used if this tax nature matches the tax nature code from the tax code or the G/L tax code applied in a registration window when registration values are entered.
|
| EU Tax
|
In this field, you can specify the tax type under which EU acquisition tax should be reported in tax settlement printouts for the current tax reporting unit.
|
| Tax Level
|
This field shows the tax level to which the tax code you are creating should belong. The available options are Tax Level 1, Tax Level 2, and Tax Level 3.
|
| Tax Date
|
In some countries, legal requirements demand that the entry date of each registration is what determines the tax settlement period in which the entry belongs, while in other countries, the period is determined by the invoice date of the registration. In this field, you can specify for the current tax reporting unit which of the two methods should apply to companies belonging to the reporting unit.
Each G/L entry contains a field called “Tax Date” to which either the entry date or the invoice date of the registration depending on the value in this field on the tax reporting unit assigned to the company which the entry concerns is automatically transferred when the entry is posted. When you create tax settlements in the Tax Settlement workspace, Maconomy uses the tax date registered on each individual G/L entry to determine whether the entry is covered by the period for which settlement is carried out.
|
| Tax Code
|
This field shows a tax code for the entry on the current line if the line represents a G/L entry.
|
| Tax Rate
|
In this field, you can specify the tax rate for the current tax code.
|
| EU Tax
|
In this field, you can specify the tax type under which EU acquisition tax should be reported in tax settlement printouts for the current tax reporting unit.
|
| Calculate Tax of Tax
|
If this field is set to “Yes,” cumulative tax will be calculated on the different tax levels. Consider the following example which shows the difference between basic and cumulative tax calculation: If three tax levels of 5% national tax, 7% regional tax, and 8% local tax are calculated on a base amount of $100, the total amount after applicable taxes will be $120 (100+5+7+8 = 120). Conversely, if the three tax levels are added using the cumulative method, the total amount after applicable taxes will be $121.34 (100 x 1.05 = 105; 105 x 1.07 = 112.35, 112.35 x 1.08 = 121.34).
|
| Popup 1-4
|
In these four fields, you can select various information about the tax rates. These are pop-up fields, which means that you can choose from the options created for each field. They are created as Tax Popup 1 - Tax Popup 4 in the Popup Fields workspace. This information is transferred to tax settlement entries so that the tax reports can be group by the new tax type fields.
|
