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Release 2020.1: Tax Point Date for Country Tax Report

edited Jun 2, 2025 2:22PM in Ask A Guru

Terms:

  • Tax Point for a transaction is the date the transaction takes place for tax purposes.
  • Tax Point Date may be different from the transaction date which determines the GL impact.

Tax Point or Time of Supply is when Tax becomes due. This can happen on Invoice Date, Delivery Date or other factors depending on the company or country practices. This is to determine when tax will be reportable.

In 2020.1, the Tax Point Date feature is introduced where a new Date Field is now available for Tax Point on Taxable transactions. This is available on SuiteTax enabled accounts only.

This enables businesses to meet Tax Reporting compliance globally. Users can now run

Camille Cagalingan-Oracle | Ask a Guru

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