Example of Reporting Offset Taxes in the Tax Register
The following scenario illustrates how the Tax Register displays offset taxes in Oracle Fusion Payables.
Oracle Fusion Payables Prepayment Invoice
The following table shows the accounting entries in USD currency for the Payables invoice. The example invoice number is AP-Inv-Test30.
|
Account |
Debit Amount |
Credit Amount |
Description |
|---|---|---|---|
|
Expense |
1000.00 |
Net amount 600.00 taxed at 10% |
|
|
Output Tax |
100.00 |
Output tax at 10% |
|
|
Liability |
1000.00 |
||
|
Input Tax |
100.00 |
Input tax at 10% |
Tax Registers
Using the accounting entries created in this example, the Output Tax Register with the tax at 10% appears as:
|
Transaction Number |
Transaction Class |
Taxable Amount |
Recoverable Tax Amount |
Nonrecoverable Tax Amount |
|---|---|---|---|---|
|
AP-Inv-Test30 |
Invoice |
1000.00 |
100.00 |
0.00 |
Using the accounting entries created in this example, the Input Tax Register with the tax at 10% appears as:
|
Transaction Number |
Transaction Class |
Taxable Amount |
Recoverable Tax Amount |
Nonrecoverable Tax Amount |
|---|---|---|---|---|
|
AP-Inv-Test30 |
Invoice |
1000.00 |
-100.00 |
0.00 |