Automatic Tax on Journal Entries (Oracle General Ledger Users' Guide)


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Automatic Tax on Journal Entries

Many subledgers automatically account for taxes, such as VAT, sales tax, or consumption tax. For example, Receivables can calculate output taxes for a taxable invoice line, and Payables can calculate the net and tax amounts on a tax inclusive line item and automatically create appropriate tax liability journal entries.

When you enter taxable transactions directly into your general ledger, bypassing the subledgers, you can automatically create additional tax journal lines, using the same kind of tax calculation rules you define in Payables or Receivables.

Automatic Tax on Journal Entries

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