Sales Tax Reporting is a financial reporting tool used to generate tax-related reports based on sales activity within a selected date range. It helps accounting and finance teams calculate, review, and document sales tax obligations, supporting compliance, auditing, and tax filing processes. Proper configuration and use of Sales Tax Reporting ensures organizations can accurately track taxable revenue and prepare required tax reports.
Before generating reports, verify that:
- Sales tax rates have been configured.
- Taxable products and services are properly categorized.
- Revenue transactions are being captured correctly.
1. Access to Finance & Accounting
2. Click on Financial Reports
3. Select Sales Tax Reporting
4. Use the Calendar Tool to select the Starting Date
5. Set the finish Date
6. Select the Report you need
7. Click on the refresh button
Required Configuration Before Running Sales Tax Reports:
Phase 1: Tax Configuration:
Before generating reports, verify that:
- Sales tax rates have been configured.
- Taxable products and services are properly categorized.
- Revenue transactions are being captured correctly.
Phase 2: Transaction Processing:
Ensure:
- Events have been invoiced.
- Sales transactions are posted.
- Tax calculations have been applied correctly.
- Accounting records are up to date.
Phase 3: Report Preparation:
- Open Sales Tax Reporting.
- Select the reporting date range.
- Choose the desired report.
- Refresh the data.
- Review report accuracy.
Phase 4: Filing and Distribution:
After validation:
- Print the report.
- Export or archive records per company policy.
- Use the report for tax filing and compliance purposes.