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Oracle

Oracle

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Published by: MMZiauddin on Jun 10, 2010
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 24Oracle Financials Functional OverviewInvoice Tax ReportingOracle Payables provides standard reports for reporting on your invoice taxes. Thesereportsinclude a tax audit trail report, a use tax liability report, the Intra-EU VAT Audit TrailReport,and a listing of your defined tax names.VAT TaxesYou can define an unlimited number of VAT (Value Added Tax) taxes. You define VAT taxesinthe same method as any other sales tax. You can assign a VAT tax as a supplier site default.Youcan easily enter invoices with VAT taxes and Oracle Payables provides completeVAT reporting.
 
Tax TypeTax NameTax RateReview VAT ChargesTax Declaration ReportIntra EC VAT Audit TrailEnter VAT Charges for InvoicesDefine EEC Suppliers and AssignTax Name to Supplier SiteDefine Tax NamesOracle Payables makes it easy for you to define and record taxesGross Method TaxationWhen you enable the Automatic Tax Calculation system option and you enter a tax nameforthe invoice that has a sales or user-defined tax type, you can manually enter the taxamount oryou can have Oracle Payables automatically calculate the tax amount.Tax ExceptionsOracle Payables¶ automatic invoice approval (Approval) automatically performs taxvariancechecking and places tax exception holds on any invoice with a tax amount that doesnot matchthe calculated invoice tax amount(s) as determined by the tax rates you define for the tax namesOracle Payables25on your invoice. You can define percentage and amount tolerances to determine the amountof tax variance you allow on your invoices.Expense Report Tax ItemsYou can easily record tax charges on your employee expense reports.Automatic Tax WithholdingYou can automatically withhold taxes for your supplier invoices and employee expensereports.You have flexibility in defining your withholding tax rate structures using effectivedate andtaxable amount ranges, and single invoice limits or period limits.Using withholdingtaxgroups, you can withhold multiple taxes for an invoice or expense report.Tax Inclusive or Exclusive Item AmountsYou can specify whether supplier invoice items or employee expense report items include taxintheir pricing.Oracle Payables performs the appropriate tax calculations, based on the item.Flexible Tax RoundingYou can control how Oracle Payables rounds tax calculations to meet varyingcountryrequirements.Choose the rounding rule Up, Down or Nearest as a system defaultandoptionally change this default at the supplier or supplier site.26Oracle Financials Functional OverviewFixed Assets Integration
 
Mass Additions lets you add assets and cost adjustments to assets directly into OracleAssetsfrom invoices in your Oracle Payables system. The Mass Additions Create process sendsvalidinvoice distribution lines from Oracle Payables to an interface table in Oracle Assets.Aftersending the invoice lines, you can review them and determine whether to create assetsfrom anyof the lines in Oracle Assets.Business NeedsWith Oracle Payables and Oracle Assets you can:Add items from Oracle Payables directly into Oracle AssetsMinimize data entryManipulate invoice lines before they become assets in Oracle AssetsTransfer discount taken information on asset purchasesOracle Payables27Purchasing IntegrationOracle Payables fully integrates with Oracle Purchasing and other purchasing systems.Thisallows you to access your purchasing information on-line and automatically matchinvoices topurchase orders using two-, three-, or four-way matching.Business NeedsWith Oracle Payables you can:Share supplier information with your purchasing department, so that you do not have toenter the same data twiceRequire matching for selected suppliers to ensure their invoices are matched to purchaseordersMatch invoices to purchase orders and automatically hold those invoices that exceed your matching tolerance, whether you use Oracle Purchasing or another purchasing systemDefine amount-based and percentage-based matching tolerancesRecord a price, quantity, or exchange rate variance between an invoice and its matched purchase order Match an invoice at the purchase order shipment line level or the distribution line levelReview purchase order details and purchase order notes when matching an invoiceAssign a match as final and have Oracle Payables permanently close the matched purchaseorder Associate a purchase order with a recurring invoiceMajor FeaturesMatching to Purchase Orders

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