Tax Reconciliation and Audit Reports

Overview

Tax reconciliation and audit reports include:

Tax Reconciliation Report: Lists the taxable and tax amounts, by tax account, for all Oracle Fusion Receivables transactions for a given period. Includes a flexfield filter parameter based on the account.

The following figure is an example of the report:
Tax Reconciliation by Taxable Account Report: Lists taxable transaction information created in Oracle Fusion Payables, Oracle Fusion Receivables, and Oracle Fusion Tax Repository. Includes flexfield filter parameter based on the account.

The following figure is an example of the report:
Tax Audit Trail Report: Identifies detailed tax and invoice information created and posted in Oracle Fusion Payables, and the total amounts for each tax rate code in entered currency and ledger currency. Two report layouts are available: Invoice and Tax Code.

The following figure is an example of the report:

Reconciliation reports are delivered as templates that you can use immediately or modify to satisfy your reporting needs.

Key Insights

Tax Reconciliation Report

Use the Tax Reconciliation Report to prepare the output tax portion of your periodic tax returns. This report lists the taxable and tax amounts of all sales transactions and output tax for a given period to enable you to identify and review your tax liability for various tax rate codes. All the transaction and output tax information is displayed at the detail or summary level.

In the report, you can select to include:

Only transactions that are posted to the General Ledger
Only transactions that are not posted to the General Ledger
Both types of transactions

The report groups information and provides totals by:

Account
Transaction class
Company

Tax Reconciliation by Taxable Account Report

Use the Tax Reconciliation by Taxable Account Report to report on taxable transactions in Oracle Fusion Payables, Oracle Fusion Receivables, and Oracle Fusion Tax Repository. This report lets you reconcile period-end taxable account balances to tax amounts. Only accounted transactions are listed in this report.

The Tax Reconciliation by Taxable Account Report helps you:

Prepare a tax return from a single source
Reconcile period-end taxable account balances.

The summarization level options for the report are:

Taxable account: Displays transactions by taxable account and tax rate code. The report prints totals for each tax rate code within an account and for each account.
Tax rate code: Displays transactions by tax rate code and taxable account. The report prints totals for each account within a tax rate code and for each tax rate code.

Note: The predefined template provides you with a report that orders transactions by tax rate code and taxable account.

The accounting segment range provides you with the ability to report transactions with taxable lines posted on the account within the segment range. Specify the currency to limit the report to only transactions in that currency.

Tax Audit Trail Report

Use the Tax Audit Trail Report to review tax information for posted or partially posted purchase transactions. All transaction types are included by default, however you can select the type of transactions to report. For example, you can create a report that includes invoices but excludes prepayments and external tax transactions imported from the tax repository.

The Tax Audit Trail Report provides the following details:

Detail tax and invoice information, and the total amounts in the entered and ledger currencies.
Distributions of all posted and partially posted invoices.
Tax amounts and taxable amounts for each invoice.

You can order the information by invoice and tax rate code, and also group data by reporting period, tax code and tax rate.

Report Parameters

The following table lists selected report parameters common to the tax reconciliation and audit reports:

Parameter	Description
Reporting Level	Choose the level on which you want to run the report. You can choose from 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 optionally select the tax registration number. By entering a tax registration number in the Tax Registration Number parameter, you report only on a subset of transactions that are entered for a specific legal reporting unit associated with the tax registration number. Run the report for a tax registration number to report on the transactions entered for legal entities that share the same tax registration number. This is also known as tax group registration. 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	Enter a tax registration number that is assigned to the legal reporting unit, when the reporting level is Legal Entity.
Tax Point Date	Include the transactions for the date range specified. Tax point date is the date on which the taxpayer becomes liable for paying the tax to the tax authority.

Frequently Asked Questions

The following table lists frequently asked questions about the tax reconciliation reports and the audit report.

FAQ	Answer
How do I find these reports?	Schedule and run this report from the Scheduled Processes work area on the Navigator menu.
Who uses these reports?	Tax manager Tax accountant
When do I use these reports?	Use the: Tax reconciliation reports for preparing your tax returns and reconciling with general ledger postings. Tax audit report to review tax information for posted or partially posted purchase transactions.
What type of reports are these?	Oracle Analytics Publisher