Turnover Reporting

In many countries, companies must report tax transactions on a monthly, quarterly, or annual basis. Turnover reporting is based on transaction dates or accounting dates, rather than tax point dates. It doesn't report manual tax transactions entered into the tax repository.

Some of the reports that are based on turnover reporting are:

European Sales Listing of Services for Italy
European Purchase Listing of Services for Italy
Modelo reporting for Spain

Turnover reporting includes two processes:

Select Transactions for Turnover Reporting
Finalize Transactions for Turnover Reporting

Select Transactions for Turnover Reporting

The Select Transactions for Turnover Reporting prepares data for turnover reporting by extracting your payables and receivables transactions and selects transactions by accounting date or transaction date.

The Select Transactions for Turnover Reporting extracts all invoices, including correction transactions within the specified dates for a given legal entity. Correction transactions include credit memos and debit memos.

To accurately report data, follow these steps:

Run the Turnover Reporting Selection Process in the preliminary mode.
Verify the transactions to be reported, run the turnover extract and ensure the transactions listed in the log file are valid and complete.

Note: Run the European Purchase Listing of Services for Italy or European Sales Listing of Services for Italy reports to verify if the transactions are reported correctly.
Run the Turnover Reporting Selection Process again in the final mode.

This table describes selected parameters:

Parameter	Description
Reporting Group	Specify the type of turnover reporting: Other to extract transactions for the European Sales Listing of Services for Italy and European Purchase Listing of Services for Italy reports. Modelo reporting for Spain when you want to select transactions for Modelo reporting.
Selection Mode	Indicate preliminary or final. When you run the process in final mode, it marks the transactions as finally reported. Finally reported transactions aren't included in the next run of the Turnover Reporting Selection Process. Note: Finally reported transactions can be extracted again for Italy if: A credit memo is applied to an invoice. The global descriptive flexfield details on the invoice or transaction are changed.
Calendar	Select the calendar for reporting. Once you select the calendar, you must use the same calendar in later runs of the process.
Source	Select the source to extract transactions. You can select: Payables Receivables Payables and Receivables Note: This process doesn't select manual tax entries entered in Oracle Fusion Tax.

Finalize Transactions for Turnover Reporting

The Finalize Transactions for Turnover Reporting records the details of a finalized declaration to the tax authority. It's used only in Italy to record the declaration details and mark the reported transactions with the declaration number received from the tax authority.

This table describes selected parameters:

Parameter	Description
Tax Registration Number	Specify the registration number assigned to a party or party site by the tax authority when it's registered.
Declaration Year	Specify the year in which transactions are reported to the tax authority.
Declaration Authority	Specify the name of the tax authority responsible for receiving and processing all company declaration transaction tax reports.
Declaration Number	Specify the unique identifier assigned by the tax authority to a declaration.