Maintain Tax Invoice Details - A summary of the activity

Whenever a transaction takes place involving the sale of goods or supply of services, it is common practice for the vendor to issue commercial documents like invoices. In some countries, as per regulatory requirements, vendors also issue a separate Invoice on receipt of payment acknowledging tax information. A tax invoice contains the tax to be paid for the particular transaction to the appropriate government agency as per the tax laws applicable in that country.

This activity enables you to record tax invoice details from the supplier. It also computes and accounts for such taxes that are required to be claimed on receipt of tax invoice from suppliers.  For taxes with Accounting Event as “On receipt of tax invoice”, the accounting takes place on confirmation and a journal voucher is generated.

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