R12 EB Tax Accounting - Setting Up Tax Accounts

Contents

    1 Prerequisites
      1.1 General Tax Accounts
      1.2 Accounts for Receivables Activities
      1.3 Tax Account Derivation for Accounts Payable
      1.4 Self Assessed Tax
      1.5 Tax Account Derivation for Accounts Receivable

Set up default tax accounts for the taxes in a tax regime to post the tax amounts derived from your transactions. The tax accounts you define serve as default accounting information for taxes, tax rates, tax jurisdictions, and tax recovery rates.

You set up tax accounts under a primary ledger and operating unit. The calculated tax amounts post to the specified operating unit accounts at transaction time. The actual account information that the system uses depends upon subledger accounting rules.

You can also define tax accounts for tax rates, tax recovery rates, and tax jurisdictions. If you define tax accounts at the tax level, these accounts default to the tax rate level for the same tax and operating unit. You can update these default tax accounts in the tax rate setup.


Prerequisites

Before you can set up tax accounts, you may need to complete one or more of these tasks:

  • Set up primary ledgers and subledgers. (mandatory)
  • Set up operating units and assign them to primary ledgers. (mandatory)
  • Set up taxes. (mandatory)
  • Set up tax rates. (optional)
  • Set up tax recovery rates. (optional)
  • Set up tax jurisdictions. (optional)


To set up tax accounts:

  • Navigate to the Tax Accounts page.
  • Select the primary ledger to use for tax accounts.
  • You can only select from primary ledgers in your security profile that have at least one operating unit assignment.
  • Navigate to the Create Tax Accounts page.
  • E-Business Tax displays the ledger accounting segments under each tax account field.
  • Select the primary ledger operating unit to use for tax accounts.
  • Enter the tax accounts.

You can set up these tax accounts:


General Tax Accounts

Tax Expense. A Payables tax account that records tax amounts from invoice distributions; or a Receivables tax account that records taxes collected from customers and any legal deductions taken from these amounts.

Tax Recoverable/Liability. An account that records tax recovery amounts or relieves tax liability amounts.

Note: If the related tax is recoverable, and you also intend to self-assess the tax, then define a tax recoverable account for the associated recovery rates and a tax liability account for the associated tax rates.

Interim Tax. An account that records tax recovery or liability before payment of an invoice. You must set up an interim tax account for taxes and tax rates that have a deferred recovery settlement. See: Setting Up Tax Regimes for more information.


Accounts for Receivables Activities

Finance Charge Tax Liability. An account that records tax amounts on finance charges that are used as a deduction against overall tax liability.

Non-Recoverable Tax Accounts. Accounts that record tax amounts on earned and unearned discounts and adjustments that you cannot claim as a deduction against tax liability.

Expense/Revenue Accounts. Accounts that record net changes generated by adjustments, earned and unearned discounts, and finance charges. Receivables activities such as discounts and adjustments reduce the receivable amount, and are therefore considered an expense.

 

Tax Account Derivation for Accounts Payable

For non recoverable taxes, the calculated tax amount is accounted as follows:

  1. Using the tax expense account defined at the TAX RATE.
  2. If it is not defined, then using the item account defined at the AP invoice line level.


For recoverable taxes, the calculated tax amount is accounted as follows:

  1. Using the tax recoverability account defined at the RECOVERY RATE.
  2. If it is not defined then using the tax recoverability account defined at the TAX RATE.
  3. If neither is defined, then the transaction is not validated.


Note: If recovery is DEFERRED, then the tax is accounted in an interim tax account defined at the TAX RATE until a payment is made. Afterwards the tax amount gets transferred to the tax recoverability account.

 

Self Assessed Tax

For non recoverable taxes, the calculated tax amount is accounted as follows:

  1. Using the tax expense account defined at the TAX RATE.
  2. if it is not defined, then using the item account at the AP invoice line level.


For recoverable taxes, the calculated tax amount is accounted as follows:

  1. Using the tax recoverability account defined at the RECOVERY RATE.
  2. If it is not defined, then using the tax recoverability account defined at the TAX RATE.
  3. If neither is defined, then the transaction is not validated.


Note: For the liability the credit tax engine considers the tax liability account, which is defined at the TAX RATE.


Tax Account Derivation for Accounts Receivable

For non partner tax calculation the accounting is done using default accounts set for the TAX type in Auto Accounting:

  1. If for a specific segment the account code is specified under Constant, then that segment tax is accounted in that particular account code.
  2. If for a specific segment taxes is specified under Table Name, then that segment tax is accounted using the tax liability account in TAX RATE.


For partner tax calculation the accounting is done using default accounts set for the TAX type in Auto Accounting:

  1. If for a specific segment the account code is specified under Constant, then that segment tax is accounted in that particular account code.
  2. if for a specific segment taxes is specified under Table Name, then for that segment the tax is accounted as follows:
  •  Using the tax liability account at the tax jurisdiction.
  • If it is not found, then using the TAX RATE.


Note: This occurs when the Create Tax Accounts drop down is selected at the tax level.

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