Solution to report taxes by state
Our business has requested to have ability to report use tax by state. Currently we have one GL Account (Natural account) to identify Payables (use) tax and everything goes into one pool of account.
Our tax department have to slice and dice the data to report use tax by State and it is consuming lot of their time to perform that analysis. The same case with VAT. Starting July, 2013 VAT is going to be different for each european country which is also going into one natural account (VAT account).
Currently in EB-Tax, payables is a manual tax calculation but for AR we have rules to calculate tax for only 5 states and all others are exclusion
Our tax department have to slice and dice the data to report use tax by State and it is consuming lot of their time to perform that analysis. The same case with VAT. Starting July, 2013 VAT is going to be different for each european country which is also going into one natural account (VAT account).
Currently in EB-Tax, payables is a manual tax calculation but for AR we have rules to calculate tax for only 5 states and all others are exclusion
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