logging in or signing up P07 STax Q Basics Imp Rosalie Download Post to : URL : Related Presentations : Share Add to Flag Embed Email Send to Blogs and Networks Add to Channel Uploaded from authorPOINTLite Insert YouTube videos in PowerPont slides with aS Desktop Copy embed code: Embed: Flash iPad Copy Does not support media & animations WordPress Embed Customize Embed URL: Copy Thumbnail: Copy The presentation is successfully added In Your Favorites. Views: 556 Category: Entertainment License: All Rights Reserved Like it (0) Dislike it (0) Added: November 15, 2007 This Presentation is Public Favorites: 0 Presentation Description No description available. Comments Posting comment... Premium member Presentation Transcript Vertex Sales Tax Q Series Basic Implementation Considerations: Vertex Sales Tax Q Series Basic Implementation Considerations Session P07 Wednesday, November 2, 2005 8:00 am – 9:50 am Introduction: Introduction Ruby Marrow Sr. Instructor, Vertex Inc. Sam Guevara Consultant, KPMG Course Objectives: Course Objectives Identify Vertex Sales Tax Q Series system components Explain GeoCode assignment Understand implementation of tax exceptions Understand calculation functionality Review standard reporting functionality Identify implementation considerations Overview: OverviewSystem Components: System Components Vertex Sales Tax Q Series Databases Application Programmer’s Interface TDM Program Reference Materials System Workflow : Invoices P.O.’s Reports Host system files Host system programs System Workflow Databases: DatabasesThree-E Rule: Three-E Rule The system will tax: Everyone Everything Everywhere … at the standard rates and rules in the Rate database. TDM Program: TDM ProgramGeoCode Assignments: GeoCode AssignmentsDatabases: DatabasesApplication Programmer’s Interfaces: Application Programmer’s Interfaces GeoCoder API Used to assign GeoCodes to invoice address information Sales and Use Tax API Used to calculate taxes and to return information to your host system Methods of Using GeoCodes: Methods of Using GeoCodes Stored in host system: Manual assignment Electronic assignment Accessed during invoice processing: Electronic retrieval U. S. GeoCodes: U. S. GeoCodes State PA County Chester City BerwynCanadian GeoCodes: Canadian GeoCodes 70 -- 019 -- 0820 Country CN Province Quebec City MontrealImportance of GeoCodes: Importance of GeoCodes Taxing Locations: Taxing LocationsInvoice Address Defaults: Invoice Address Defaults SF OA SF SF ST ST ST ST and SF Only Passed ST Only Passed Vertex Values System DefaultsDatabases: DatabasesApplication Programmer’s Interfaces: Application Programmer’s Interfaces GeoCoder API Used to assign GeoCodes to invoice address information Sales and Use Tax API Used to calculate taxes and to return information to your host system Taxes Calculated: Taxes Calculated Vertex Sales Tax Q Series calculates state and local taxes based on the following rates Sales tax rates Seller’s use tax rates Rental/lease tax rates Canadian service tax rates Interstate Transactions: Interstate Transactions Generally taxed at the destination Seller’s use tax rates Jackson, MS 25-049-0340 Birmingham, AL 01-073-0150 Intrastate Transactions: Intrastate Transactions Taxed at origin or destination (state statute) Sales tax rates Erie, PA 39-049-1240 Philadelphia, PA 39-101-3000Intrastate – Origin State: Intrastate – Origin State Pennsylvania: Origin State (Order Acceptance) 6% State Tax Ship-to Scranton, PA (39-069-3390) Total Sales Tax Rate = 7% Intrastate – Origin State: Intrastate – Origin State Pennsylvania: Origin State (Order Acceptance) 6% State Tax Total Sales Tax Rate = 6% Ship-to Scranton, PA (39-069-3390) Databases: DatabasesAudit Trail: Audit Trail The Register Database contains records for all the invoice transactions processed Audit trail and management reports TAX2000 (import file) Reference Materials: Reference Materials Administrator’s Guide Programmer’s Guide Reference Manual User’s Guide TDM Taxability Reference Vertex Sales Tax Rate LocatorSystem Workflow : Invoices P.O.’s Reports Host system files Host system programs System Workflow Identify Key Implementation Needs: Identify Key Implementation Needs Review the taxability of your products, services, customers, and purchases List state and local locations where you are required to collect or accrue sales and use tax Analyze the findings of past state and local tax audits Key Implementation Factors: Key Implementation Factors Identify members of the implementation team and determine roles and responsibilities Financial Resources (CFO, Tax Manager) Technical Resources (IT Manager, Systems Analyst Outside Consultants (Tax Advisors, ERP Consultants Purchasing, AP, AR, Inventory TransferKey Implementation Factors: Key Implementation Factors Determine if outside consulting from a service provider is needed because of Insufficient personnel Insufficient tax expertise Insufficient technical expertise Key Implementation Factors: Key Implementation Factors Plan, install, and set up Create an implementation plan Install and configure Vertex software Configure host financial application to use Vertex software Check data integrityKey Implementation Factors: Key Implementation Factors Prepare for production Test Vertex software Create data backup plans and processes Create procedures for implementing monthly updates Educate affected departments on proceduresConclusion: ConclusionHost and Vertex Sales Tax Q Series Data Elements: Host and Vertex Sales Tax Q Series Data Elements Company Code Division Code (free data element) Product Code Customer Code GeoCodes (ST, SF, OA) Line Item (quantity for calculation)Thank You!: Thank You! 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