Input and Output Tax Gain/Loss Reports for Singapore

Overview

The input and output tax gain/loss reports display the difference in both tax amounts and taxable amounts on foreign invoices for different conversion rates.

The input and output tax gain/loss reports include:

Input Tax Gain/Loss Report for Singapore: Produces the details on tax gain or loss on transactions for Singapore entered in foreign currencies in Oracle Fusion Payables. The report lists data for a specific supplier or all suppliers. The report data is grouped by tax rate code and supplier.

The following figure is an example of the report.
Output Tax Gain/Loss Report for Singapore: Produces the details on tax gain/loss on transactions for Singapore entered in foreign currencies in Oracle Fusion Receivables. The report lists data for a specific customer or all customers. The report data is grouped by tax rate code and customer.

The following figure is an example of the report.

Note: Manual tax transactions created in the tax repository are not reported.

Key Insights

Before running the reports:

Set up legal entities and legal reporting units for each company site that is responsible for reporting taxes to the tax authority.
Set up tax regimes and taxes for your transactions.
Set up supplier and customer conversion rates to calculate the tax amount and invoice taxable amount for foreign currency invoices.

For the Input Tax Gain/Loss Report for Singapore, enter the supplier tax invoice conversion rate on the invoice and run the Input Tax Gain and Loss Report for Singapore process.

For the Output Tax Gain/Loss Report for Singapore, enter the general ledger daily rate to represent the spot rate and run the Output Tax Gain and Loss Report for Singapore process.

The gain/loss in the:

Tax amount for foreign currency invoices is the difference between the:
- In-house tax amount using the in-house conversion rate, and
- Supplier or customer tax amount using the supplier or customer conversion rate (spot rate) you enter.
Taxable amount is the difference between the:
- In-house taxable amount using the in-house conversion rate, and
- Supplier or customer taxable amount using the supplier or customer conversion rate.

A manual journal entry is posted to the general ledger to incorporate the gain/loss.

Note: For transactions that are not in SGD currency and with incomplete conversion rate information, the following occurs:

For the Input Tax Gain/Loss Report for Singapore, the report indicates that the information is missing by displaying:
- Unspecified for the supplier conversion rate
- Undetermined for the tax amounts in SGD currency
For the Output Tax Gain/Loss Report for Singapore, the report indicates that the information is missing by displaying:
- Unspecified for the spot conversion rate
- Undetermined for the tax amounts in SGD currency

Report Parameters

The following table describes selected report parameters:

Parameter Name	Description
Reporting Level	Gives you the option to run reports on three different levels, Ledger, Legal Entity, and Tax Registration Number.
Reporting Context	Specify the context for the report. The list of values for this parameter depends on the reporting level you selected. If you select the reporting level of Legal Entity, you select the legal entity on which to report, and then select the tax registration number associated with the legal entity. If you select Ledger as the reporting level, you can report on legal entities associated with ledgers defined in the ledger set or data access set within your security profile. Run tax reports by ledger when you want to review your tax activity as it aligns with your accounting. Run tax reports by ledger when you need to view tax activity in a currency other than the currency of the ledger or the currencies of the transactions.
Tax Registration Number	Specify a tax registration number assigned to the tax registrations of the legal entity if the reporting level is Legal Entity. Note: To prepare your tax returns, the recommended approach is to run tax reporting by legal entity and tax registration number. Your legal entities and their associated tax registration numbers are aligned with how your businesses are legally recognized by government authorities. Preparing reports by tax registration number provides all reportable activity for a given legal entity regardless of how your internal business units are organized.
From Tax Point Period and To Tax Point Period	Print all transactions based on the selected tax point date range.
Tax	Lists invoice and tax information for a specified tax.
Supplier Name or Customer Name	Generates the report for a specified supplier or customer name.

Frequently Asked Questions

The following table lists frequently asked questions about the Input Tax Gain/Loss Report for Singapore and the Output Tax Gain/Loss Report for Singapore.

FAQ	Answer
How do I find this report?	Schedule and run this report from the Scheduled Processes work area on the Navigator menu.
Who uses this report?	Tax Manager Tax Accountant
When do I use this report?	Use these reports to review the difference in both tax amounts and taxable amounts on foreign invoices for different conversion rates. The reports display different information, depending on whether the ledger currency is Singapore Dollar (SGD) or another currency. When the ledger currency is: SGD, the tax gain or loss is displayed together with transaction information in SGD currency. Not SGD, the tax information is displayed in SGD currency for reporting to the tax authorities, and in the accounted currency. The report includes: In-house conversion rate and the supplier conversion rate for the Input Tax Gain/Loss report. In-house conversion rate and the general ledger daily rate for the Output Tax Gain/Loss report. The report only displays invoices that are approved and posted to the general ledger.
What type of reports are these?	Oracle Analytics Publisher