Example of Transaction Business Categories
Transaction business categories classify transaction lines for tax determination and reporting.
The following scenario illustrates how transaction business categories can be used for tax determination and reporting in Brazil.
Scenario
In Brazil, you need to identify a transaction correctly to be able to report and determine the correct applicable taxes. Create specific transaction business categories as children of the sales transaction. The transaction business categories include:
Level |
Fiscal Classification Code |
Fiscal Classification Name |
Country |
Start Date |
---|---|---|---|---|
1 |
SALES_TRANSACTION |
Sales Transaction |
Not applicable |
1-Jan-1951 |
2 |
INTERSTATE MNFTRD FOR SALE |
Interstate Manufactured for Sale |
Brazil |
The earliest transaction date or start date of tax. |
2 |
INTERSTATE MNFTRD FOR MANUFACTURE |
Interstate Manufactured for Manufacture |
Brazil |
The earliest transaction date or start date of tax. |
To create these transaction business categories:
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Select the SALES_TRANSACTION record on the Manage Transaction Business Codes page.
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Click Create Child Node. The Create Fiscal Classification Code page appears.
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Enter the values as shown in the table. By default, the start date is the start date of the sales transaction parent record, that is, 1-Jan-1951.
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Specify the latest of:
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Earliest applicable transaction to be used in the implementation.
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Start date of the applicable Brazilian tax.
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