Check your knowledge

1.

When you try to invoice a sales order, Finance displays the error message ”Account number for transaction type Tax doesn't exist.” You need to resolve the error. What should you do?

Create a record in the Item posting page for the sales tax group that is used in the sales order.

On the Customer posting profiles page, set the sales tax prepayment main account for the customer.

On the Sales tax codes page, set the ledger posting group for the tax combination from the sales order.

On the Ledger posting groups page, specify the main account for the corresponding ledger posting group.

2.

You need to enable sales tax calculation in Finance. Which of the following must you set up?

The sales tax codes for the sales tax groups

The sales tax authorities that are attached to the vendor

The ledger posting group that is attached to the sales tax groups

The item sales tax group that is attached to the customer, vendor, and item

3.

Which one of the following tax components within Finance defines how much to collect or pay as a certain amount or percentage?

Sales tax codes

Ledger posting groups

Sales tax authorities

Sales tax settlement periods

Answer the following questions to see what you've learned.

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