During my interaction with customers and partners, I have realized that effective utilization of ‘Business By Design Cloud Studio’ and following few inter-dependent configuration steps simplifies creation of ‘Tax Content’ in Business by Design.
So through this blog, I would like to clarify the configuration messaging with a simple Do’s and Don’ts step-guide.
At the onset, let us look at the composition of ‘Tax Content’ in Business by Design. The Tax content in Business by Design can be broadly classified into ‘Product Tax’ and ‘Withholding Tax’. The Product tax can be further classified into four elements – Tax type, Tax rate, Tax event and Tax Code with a defined
interrelation among them.
In this blog we focus on understanding effective way of defining ‘Product Tax’
A Simplistic graphical representation of ‘Product tax code’ can be as depicted below:
By following a set of guided principles as below, your product tax configuration process becomes much easier and less error prone.
Do's:
Don'ts:
While creating Tax code, Usage of valid Tax event-Tax type and Tax type-Tax rate combination is mandatory. A simple example use-case is provided below for quick reference.
For example:
New Tax types and Rate types: Taxtype1 -- Ratetype1
Taxtype1 – Ratetype2
Taxtype2 -- Ratetype1
Taxtype3 -- Ratetype2
New Tax events: Taxevent1 -- Taxtype1
Taxevent2 -- Taxtype2
Taxevent3 – Taxtype3
Taxevent4 – Taxtype2
New Tax Code:
Valid Tax codes:
Invalid Tax codes:
You must be a registered user to add a comment. If you've already registered, sign in. Otherwise, register and sign in.
User | Count |
---|---|
28 | |
6 | |
4 | |
4 | |
4 | |
3 | |
3 | |
3 | |
3 | |
3 |