This chapter contains these topics:
In Japan, most accounts payable vouchers are paid with a draft. In addition to completing the internal draft process, businesses are required to report and remit a stamp tax for each accounts payable voucher that is paid with a draft.
Setting up to process accounts payable drafts consists of the following tasks:
Setting up bank accounts for accounts payable drafts
Setting up the stamp tax file
See Also:
Section 26.1, "Working with Accounts Payable Drafts" for more information about processing drafts in Japan.
From Asia - Pacific Region (G75), enter 29
From Automatic Payment Setup - Japan (G04411JP), choose Bank Account Information
The system assigns a number to each draft document that you create. The number that the system assigns is based on the next payment number that you associate with the bank account information for the supplier.
You must specify a payment number for each bank account from which you remit drafts.
To set up bank accounts for accounts payable drafts
On Bank Account Information
Figure 10-1 Bank Account Information screen
Complete the following fields:
G/L Bank Account Number
Description
Next Payment Number
From Asia - Pacific Region (G75), enter 29
From Automatic Payment Setup - Japan (G04411JP), choose Stamp Tax File Revision
When businesses in Japan issue drafts for payment, they are required to pay a stamp tax. The tax amount depends on the amount of the draft.
To calculate and report on the stamp tax for accounts payable drafts, you must set up and maintain the Stamp Tax file (F75013).
Note:
The Stamp Tax File Revisions screen is not a multi-currency screen. The system recognizes only your company currency for the records in the Stamp Tax file (F75013).On Stamp Tax Table Revision
Figure 10-2 Stamp Tax Table Revision screen
To specify the number of decimals for the stamp tax charges, complete the following field:
Currency
Complete the following fields:
Payment Amount
Stamp Tax
Field | Explanation |
---|---|
Amount - Tax | This is the amount assessed and payable to tax authorities. It is the total of the VAT, use, and sales taxes (PST). |