The Tax Management Software Module
The Tax Management (TX) software module provides organizations with centralized tax configuration, management, and reporting. Integrated with other financial modules allows you to collect tax information from all financial documents into one single repository and generate reports required for tax filing.
Highlighted Features
Flexible Tax Configuration
MYOB Acumatica (formerly MYOB Advanced) provides support for Sales, Use, Withholding, VAT and Reverse VAT taxes. For each tax you can specify multiple rates with different start and end dates as well as minimum and maximum tax amounts. Taxes can be calculated on each line item or the entire document amount. Taxes can be calculated on other taxes or only on line item charges.
Integration with Financial Modules
The Tax Management module is integrated with all MYOB Acumatica (formerly MYOB Advanced) modules that require tax calculation. Tax calculation is performed automatically based on the tax zone assigned to customer, employee or vendor record, and the tax category assigned to inventory items. Manual tax adjustments are also possible. Calculated tax is posted to a dedicated tax liability account in the general ledger and to designated accounts in the Tax Management module for future tax reporting.
Automatic Offset with Accounts Payable
MYOB Acumatica (formerly MYOB Advanced) allows you to represent tax agencies as vendor accounts. Within the tax vendor account, you can specify the frequency of tax reporting and assign a vendor code to the tax. Each tax period, you can prepare tax reports for the tax vendor and then close the tax period. MYOB Acumatica will automatically generate a bill in accounts payable that will offset tax liability for reported period with the AP account associated with the tax agency.
Additional Features
Tax Transactions Drill Down: MYOB Acumatica (formerly MYOB Advanced) maintains a record of each tax transaction posted to the GL, including the module the transaction was posted from, the taxable amount, the tax amount, the reference number, and the document type of the original transaction. You can use this report for reconciling calculated tax with GL module as well for tracing tax amounts to the original transactions.
Recent Comments