Modifying tax, charge or discount details
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This page allows you to enter any additional tax, charge and discount details for the debit / credit note apart from the taxes, charges or discounts (TCD) available in the preceding document which could be a sale order or a purchase order etc. Tell me more.
Select the “T/C/D” link at the bottom of the “Authorize Item Based Note” page.
The “Tax / Charge / Discount” page appears.
The system displays the following:
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Note # |
The number identifying the debit / credit note. |
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Status |
The status of the debit / credit note. It could be “Draft” or “Fresh”. |
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Enter the following fields:
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Part / T / C / D Variant # |
Use the drop-down list box to select the code identifying the part, tax, charge or the discount variant. |
The system displays the following:
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Line Amount |
The debit / credit note amount or the line amount. |
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Part / T / C / D # |
The code identifying the part, tax, charge or the discount. |
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Part / T / C / D Variant |
The code identifying the part, tax, charge or the discount variant. |
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Description |
A textual description of the code identifying the part, tax, charges or discount. |
Modify the following fields, if required in the “T/C/D Information” multiline:
Note: On click of the ‘Compute’ pushbutton in the “Create Item Invoice” page, the system retrieves the tax code in the multiline from the “Maintain Purchase Tax Rule” activity based on the doc type, expense category, company address ID and supplier address ID.
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T/C/D |
Use the drop-down list box to indicate whether tax, charge or discount is being calculated for the part in the line. You can select from “Tax”, “Charge” or “Discount”. The system displays “Blank” by default at the launch of the page. |
Note: One type must be selected in at least one row of the multiline.
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T/C/D # |
The code identifying the tax, charge or discount based on the value set in the “T/C/D” field (Alphanumeric, 10). Mandatory. This code must have been defined in the “Create Tax / Charge / Discount #” activity of the “Taxes / Charges / Discounts” business component and must be in “Active” status. The code entered in this field must be unique for the individual line |
Note: The tax, charge or discount must be applied only once either at the “Document Level” or at the “Line Level”.
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Variant # |
The code identifying the variant of the tax, charge or discount (Alphanumeric, 10). Mandatory. This variant must be valid for the code entered in the “T/C/D #” field. |
Note: This field must not be left blank if a T/C/D code is entered in the “T/C/D #” field”.
The system displays the following in the “T/C/D Information” multiline:
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Description |
A description of the code identifying the tax, charge or discount or the variant. |
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TCD Rate |
The unit rate of the tax, charge or discount selected. |
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Taxable Amount |
The amount for which the tax, charge or discount has been calculated for the invoice or the line number. Note: The taxable amount must not be more than the TCD amount as computed by the system based on the tax code retrieved from the Maintain Purchase Tax Rule activity or the transaction amount for the part or the document. Process parameter dependency: You can modify the taxable amount only if the process parameter “Allow modification of taxable amount in Supplier Item Based Note” under the category “Supplier Debit Credit Note” in the Set Finance Process Parameters activity of OU Parameter Setup is 1. Note: The taxable amount cannot be zero or a negative integer. |
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T / C / D Amount |
The amount that will be the tax, charge or discount for the part available in the line. Note: The TCD amount will remain the same even upon change of the taxable amount, if the TCD basis is Flat. However, if the TCD basis is percentage, the system displays resets the TCD amount for the changed percentage. |
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Cost Center |
The code identifying the cost center that has been mapped to the “TCD Account”. The cost center must have been defined in the “Create Cost Center / Unit ” activity of the “Cost Setup” business component. |
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Help facility available |
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Analysis # |
The analysis code to which the “TCD Account” is mapped to in the “Assign Analysis #” activity of the “Account Based Budgeting” business component (Alphanumeric, 5). |
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Help facility available |
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Sub Analysis # |
The sub analysis code to which the analysis code is mapped to in the “Assign Sub Analysis #” activity of the “Account Based Budgeting” business component (Alphanumeric, 5). |
Check the box in the multiline to select a tax, charge or discount for deletion.
Click the “Compute” pushbutton to calculate the T/C/D amount.
Note: For the selected invoice, the accounting for Withholding Tax with Tax Incidence as “On Payment” will not be recorded.
The system calculates and displays the amount that is taxable and the amount that can be charged as TCD in the “Taxable Amount” and the “TCD Amount” fields.
The system also calculates and stores the TCD amount in the base currency of the company.
The system calculates and stores the total debit / credit note amount as the difference of the discount and the sum total of the line amount, taxes and the charges.
Click the “Save” pushbutton to save the tax, charge and discount details that have been entered.
Note: For the selected invoice, the accounting for Withholding Tax with Tax Incidence as “On Payment” will not be recorded.
Posting Details
The system saves the TCD code along with the variant and the TCD amount in the transaction currency and debits the “TCD Account” when the “TCD Type” is “Tax” or “Charges”.
The system saves the TCD code along with the variant and the TCD amount in the transaction currency and credits the “TCD Account” when the “TCD Type” is “Discount”.
The system debits the TCD Amount in the “Supplier Control Account” if it is lesser than zero and credits the TCD Amount if it is greater than zero.
Note: The total TCD Amount for the invoice is calculated as the sum of all TCD Amounts that have TCD Type as “Tax” or “Charge” less the sum of all TCD Amounts that have TCD Type as “Discount”.
Payment Schedule
The system generates a payment schedule after the saving the modifications made to the tax, charge or discount details.
Click the “Save and Authorize” pushbutton to save the tax, charge and discount details that have been entered and authorize the debit / credit note.
Note: For the selected invoice, the accounting for Withholding Tax with Tax Incidence as “On Payment” will not be recorded.
Posting Details
The system saves the TCD code along with the variant and the TCD amount in the transaction currency and debits the “TCD Account” when the “TCD Type” is “Tax” or “Charges”.
The system saves the TCD code along with the variant and the TCD amount in the transaction currency and credits the “TCD Account” when the “TCD Type” is “Discount”.
The system credits the TCD Amount in the “Supplier Control Account” if it is lesser than zero and debits the TCD Amount if it is greater than zero.
Note: The total TCD Amount for the invoice is calculated as the sum of all TCD Amounts that have TCD Type as “Tax” or “Charge” less the sum of all TCD Amounts that have TCD Type as “Discount”.
Payment Schedule
The system generates a payment schedule after the saving the modifications made to the tax, charge or discount details.
To proceed, carry out the following
Select the “Payment Schedule” link at the bottom of the page to modify the default payment schedule.
Select the “Note Summary” link at the bottom of the page to view the summary of a debit / credit note.
Select the “Accounting Information” link at the bottom of the page to view the account posting information.
Select the "Attach Notes" link at the bottom of the page to record any detailed / related information.
Modifying tax, charge or discount details – An overview
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TCD of a debit / credit note is calculated for the document that is the debit / credit note as a whole or for the line in which the part appears in the debit / credit note. The TCD is usually calculated line wise if the part available in the line incurs some extra tax, charge or discount.
The system retrieves the existing tax, charge or discount details. You can enter the code identifying the tax, charge, discount and the variants for the extra TCD that you want to add. You can also enter the TCD amount, the cost center to which the TCD account is mapped and the analysis and the sub analysis code allocated to it. The total TCD amount for the debit / credit note is posted to the selected finance book under the various account heads in the account currency, base currency of the company and the parallel base currency of the company. A default payment schedule is generated, taking into consideration the TCD amounts that have been entered.
The details of the TCD that are entered in this page can be modified as long as the debit / credit note remains in the “Draft” or “Fresh” status. This page also allows you to authorize the debit / credit note. The status of the debit / credit is updated as “Authorized”. The details of this debit / credit note cannot be modified any longer.
Calculate TCD in different levels
Calculate TCD in different levels
Tax, Charge and discount can be calculated in two different levels. You can calculate the TCD for the debit / credit note document as a whole or at the line / part level.
Set the “TCD Computation” field to “For Document” to calculate the TCD for the debit / credit note as a whole.
Set the “TCD Computation” field to “For Line Part” to calculate the TCD for each individual row of the invoice in which an part is available.
You can enter the tax, charge or discount values for the debit / credit note or the parts in any row of the multiline.
Set the “T/C/D” field to “Tax” to enter the tax value.
Set the “T/C/D” field to “Charge” to enter any extra charges that have been incurred.
Set the “T/C/D” field to “Discount” to enter the discount that is applicable for the supplier.
You can authorize the debit / credit note while saving the modified TCD details.
Click the “Save and Authorize” pushbutton to save the TCD details and authorize the debit / credit note.
The system saves the TCD details and updates the status of the debit / credit note as “Authorized”. If a debit note is being created the system generates a default payment schedule based on the pay term defined for the supplier and the modified TCD.
