Exercise - Set up sales tax settlement periods

  • 6 minutes

In this exercise, you will set up sales tax settlement periods.

  1. Go to Tax > Indirect taxes > Sales tax > Sales tax settlement periods.
  2. Select New in the Action Pane.
  3. In the Settlement period field, type a value.
  4. In the Description field, type a value.
  5. In the Authority field, select the sales tax authority that receives the reports and the payments that are created for the settlement period.
  6. In the list, find and select the desired record.
  7. In the Terms of payment field, select the drop-down button to open the lookup. In the list, find and select the desired record.
  8. In the list, select the link in the selected row.
  9. Enter the number of Period interval units per period. For example, a quarter has 3 months.
  10. Select or clear the Use batch processing for sales tax settlement check box.
    • The settlement process for the settlement period can be processed as a batch job in the background. This is recommended for many tax transactions within a period interval.
  11. Enable or disable the Prevent generating offset tax transactions check box.
    • By default, the system generates offset tax transactions during the settlement process, which can cause performance issues if many tax transactions exist within a period interval. Select this check box to prevent generating offset tax transactions.
  12. Expand the Period intervals tab.
  13. Select Add.
  14. In the From date field, enter a date.
  15. In the To date field, enter a date.
  16. Select New period interval. When the first period interval has been entered, new periods can be created automatically. You can return later and add new period intervals, as required.
  17. Close the page.