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    !fusion Tax - Complete

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    waste waste
    This document outlines the steps to configure taxes in Oracle Fusion. The key steps are: 1. Create a tax regime with the applicable tax rules and rates for a country. 2. Define the tax jurisdictions, statuses and rates within the tax regime. 3. Configure the tax options for suppliers' locations. 4. Create invoices in accounts payable to trigger tax calculation based on the configuration.

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    !fusion Tax - Complete

    Uploaded by

    waste waste
    31 views3 pages
    This document outlines the steps to configure taxes in Oracle Fusion. The key steps are: 1. Create a tax regime with the applicable tax rules and rates for a country. 2. Define the tax jurisdictions, statuses and rates within the tax regime. 3. Configure the tax options for suppliers' locations. 4. Create invoices in accounts payable to trigger tax calculation based on the configuration.

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    !Fusion Tax - Complete

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    This document outlines the steps to configure taxes in Oracle Fusion. The key steps are: 1. Create a tax regime with the applicable tax rules and rates for a country. 2. Define the tax jurisdictions, statuses and rates within the tax regime. 3. Configure the tax options for suppliers' locations. 4. Create invoices in accounts payable to trigger tax calculation based on the configuration.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    31 views3 pages

    !fusion Tax - Complete

    Uploaded by

    waste waste
    This document outlines the steps to configure taxes in Oracle Fusion. The key steps are: 1. Create a tax regime with the applicable tax rules and rates for a country. 2. Define the tax jurisdictions, statuses and rates within the tax regime. 3. Configure the tax options for suppliers' locations. 4. Create invoices in accounts payable to trigger tax calculation based on the configuration.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 3

    Fusion Tax

     Oracle Fusion Payables integrates with FUSION TAX to support automatic tax calculation on payables invoices.
     Taxes are calculated automatically on validation when you access the tax lines or by the calculate taxes action
     It is used to configure tax as per COUNTRY SPECIFIC
     Tax Configuration
     Each country have their own tax system and rules
     Localization
     Two Types
     Direct Tax – Tax amount which can be collected directly from the Tax payer
     E.g. Income Tax
     Indirect Tax – Tax amount which can be collected from the tax payers based on the usage of goods or services.
     E.g. GST
    Tax Hierarchy

    Step 1:- Create Tax Regime


    N: Navigator->Setup & Maintenance->Setup: Financials->Transaction Tax->Manage Tax Regimes->Create
    [+]
    - Tax Regime code = P30
    - Tax Regime Name = P30 Tax Regime
    - Regime Level = Country
    - Country = India
    - Start Date = xxxx
    > Defaults
    - Tax Inclusion Method = Standard Inclusive Handing
    - Conversion Rate Type = P30 Exchange Rate
    > General Controls
    [-] use Tax Reporting configuration
    / Allow entry of tax reporting configuration details during tax registration setup for legal reporting units for this tax regime /
    > Configuration Options and services subscriptions
    > Configuration Options
    - Party Name = xxxx
    - Configuration for taxes and rules = xxxx
    - Configuration Product Exceptions = xxxx
    - Effective Start date = xxxx
    / SERVICE SUBSCRIPTIONS tab use for Third party tax tool. This tool integrate to ORACLE, this tab not require /
    > Save and close

    Step 2:- Create Tax (Tax Status, Tax Jurisdictions, Tax Rate)
    N: Navigator->Setup & Maintenance ->Setup: Financials->Transaction Tax->Manage Taxes->Tax Regime: Select and Add->Apply and Go
    to Task
    / - Tax Regime Name = P30 Tax Regime /
    > Transaction Taxes
    [+]
    - Tax Regime Code = P30 tax regime
    - Configuration Owner = P30 Petro Chemical
    - Tax = P30 Gst
    - Tax Name = P30 Gst
    - Start Date = xxxx
    [ ] Enable Tax for simulation / All setups complete, after enable this option/
    [ ] Enable tax for Transaction / First enable TAX SIMULTION, later enable TRANSACTION/
    > Tax Information
    - Geography Type = Country
    - Tax Currency = INR
    > Tax rules Defaults
    - Place of supply = Ship to / this one is select from based on tax rules /
    / Bangalore – ship from Chennai – Bill from
    Hyderabad – Ship to Mumbai – Bill to /
    - Tax Applicability = Applicable
    - Tax Registration = Bill / this one is select from based on tax, tax collect from where BILL TO, Ship to ….. /
    > Save
    > Indirect Defaults
    > Tax Jurisdiction
    > Create Default
    CREATE TAX JURIDICTION
    - Tax Jurisdiction code = P30 Tax Jurisdiction
    - Tax Jurisdiction Name = P30 Tax Jurisdiction
    - Tax Regime Code = P30 Tax regime
    - Tax = P30 GST
    - Geography Type = County
    - Geography Name = India
    / Associated Information entered with RAPID IMPLEMENTATION /
    > Save and close
    CREATE TAX STATUS
    - Tax Status Code = P30 Tax status
    - Tax Status Name = P30 Tax Status
    > Save and close

    CREATE TAX RATE


    - Tax Status Code = P30 Tax status
    - Tax rate code = P30 Gst 10
    - Tax Rate Type = Percentage
    - Tax Classification code set Assignments [-] Order to cash
    [-] Procure to pay
    [-] Expenses
    > Rate periods
    - Rate Percentage = xx
    - Effective Stat date = xxxx
    > Save and close
    > Save and close

    Step 3:- Create Configuration owner Tax Options


    N: Navigator->Setup & Maintenance ->Setup: Financials->Transaction Tax->All Tasks ->Manage Configuration Owner Tax Options-
    >Create
    [+] Create Configuration Owner Tax Options
    - Configuration owner = P30 Petro chemical
    - Event Class = Standard Invoices
    > Default Tax Options
    - Regime Determination Set = STCC / Standard Tax Classification Codes /
    > Save and close

    Step 4:- Create Location


    N:-Navigator->Setup & Maintenance->Setup: Financials-> Enterprise Profile->All Tasks-> Manage Locations->Click On Plus Button
    [+]
    > Location Information
    - Name = P30 HYD
    - Code = P30 HYD
    - Status = Activate
    > Main Address
    - Country = India
    > Save

    Step 5:- Assign Location to Supplier Site Assignments


    N:-Login with Procurement Agent User->Navigator->Procurement-> Supplier->All Tasks-> Manage Supplier->Query Supplier
    > Sites
    > Edit
    > Site Assignments
    - Ship-to Location = P30 HYD
    - Bill-to Location = P30 HYD
    > Save and close
    / Sign out /

    Step 6:- Enable tax for simulation & Transactions


    N: Navigator->Setup & Maintenance ->Setup: Financials->Transaction Tax->Manage Taxes
    / Once all steps enable TAX, we can use for transaction /
    [-] Enable Tax for simulation / All setups complete, after enable this option/
    [-] Enable tax for Transaction / First enable TAX SIMULTION, later enable TRANSACTION/
    > Save and close

    Step 6:- Create Invoice in AP


    N: Navigator->Payables->Invoices->Tasks->Invoices->Create Invoices
    - Business Unit = P30 BU
    - Supplier = xyz Supplier
    - Supplier Site = XYZ HYD
    - Number = 100
    - Amount = USD xxxx
    - Type = Standard
    - Date = xxxx
    - Payment Terms = P30
    - Terms Date = xxxx
    > Lines - Number = 1
    - Type = item
    - Amount = 1000
    - Distribution Set = Distribution Set
    > Save
    > Invoice Actions
    > Validate
    > Taxes
    /you can find taxes details here/

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