Oracle Fusion Cloud Financials: Advanced Tax Implementation

Oracle Fusion Cloud Financials: Advanced Tax Implementation Overview

• Course Objectives
• Lesson Objectives
• Oracle Tax
• Tax Architecture
• Key Building Blocks of Tax Configuration
• Foundation Tax Configuration: Overview
• Advanced Tax Configuration: Overview
• Other Tax Configurations: Overview
• Summary

Managing Foundation Tax Configurations

• Objectives
• Foundation Tax Configuration
• Setting Up Foundation Tax Components
• Key Building Blocks of Tax Configuration
• Tasks to Configure Foundation Tax
• Tax Foundation Setup: Examples
• Tax Regimes
• Tax Geographies
• Defining Defaults
• General Controls
• Compounding Level Controls
• Taxes
• Tax Rule Defaults: Place of Supply
• Tax Statuses
• Tax Jurisdictions
• Tax Rates
• Setting Up Tax Rates: Overview
• Override of Tax Rates on Tax Lines
• Other Controls and Defaults
• Tax Recovery Rates
• Practices
• Define Taxes for Rapid Implementation Task List
• Rapid Implementation Spreadsheets
• Tax Configuration Workbooks
• Tax Setup Spreadsheets
• Practice
• Summary

Calculating Tax on Transactions

• Objectives
• Legal Entities
• Legal Entities Definition
• Legal Addresses, Jurisdictions, and Authorities: Overview
• Manage Legal Reporting Units
• Business Units: Overview
• Business Unit Structure: Example
• Practices
• Tax Determination Process: How Taxes Are Calculated
• Step 1: Determine Applicable Tax Regimes and Candidate Taxes
• Steps 2 and 3: Determine Place of Supply and Tax Jurisdiction and Tax
• Applicability
• Step 4: Determine Tax Registration
• Step 5: Determine Tax Status
• Step 6: Determine Tax Rate
• Simplified Tax Line Override Setup
• Step 7: Determine Taxable Basis
• Step 8: Determine Tax Calculation
• Step 9 (If Applicable): Determine Tax Recovery
• The Tax Simulator
• Validate Tax Configuration and Calculation Results Through Tax Simulator
• Troubleshooting Missing Taxes on Transactions Using the Tax Simulator
• Practices
• Summary

Managing Advanced Tax Configurations Part 1

• Objectives
• Advanced Tax Configurations: Overview
• Advanced Tax Configurations
• Tax Rule Configuration
• Tax Determining Factor Sets: Overview
• Party Determining Factor Classes
• Product Determining Factor Classes
• Process Determining Factor Classes
• Place Determining Factor Classes
• How Tax Is Determined Using Determining Factor Sets
• Creating Tax Determining Factor Sets
• Practices
• Tax Condition Sets: Overview
• Practice
• Tax Rules: Overview
• Practice
• Tax Recovery: Overview
• Tax Recovery Rates
• Using Tax Rules to Determine Recovery Rates
• Practice
• Summary

Managing Advanced Tax Configurations Part 2

• Objectives
• Advanced Tax Configurations
• Fiscal Classifications: Overview
• Creating a Party Fiscal Classification
• Practices
• Creating a Product Fiscal Classification
• Practice
• Product Fiscal Classification Defaulting from Purchase Category
• Steps to default the Purchase Category
• Creating Transaction-Based Fiscal Classifications
• Creating a Self-Assessed Tax Configuration
• Creating Tax Registrations
• Setting Up Party Tax Profiles
• Practice
• Summary

Managing Other Tax Configurations

• Objectives
• Other Tax Configurations: Overview
• Configuration Owner Tax Options
• Configuration Owner Tax Options Controls and Defaults for Payables and
• Purchasing Event Classes
• Tax Tolerances
• Setting Up Tax Point Basis
• Setting Up Delivery-Based Tax Calculation
• Demonstration
• Practice
• Configuration Owner Tax Options Controls and Defaults for Receivables Event
• Classes
• Demonstration
• Creating a Customer Exemption Tax Profile
• Practice
• Creating a Tax Exception
• Tax Exception Application to Related Taxes
• Steps to Assign the Source Tax to a Lower-Level Tax
• Tax Zones
• Creating Tax Zones: Overview
• Creating Tax Zone Types
• Creating Tax Zones
• Practice
• Summary

Configuring Withholding Taxes

• Objectives
• What is Withholding Tax?
• Setting Up Withholding Tax Configuration
• Practice
• Calculating Withholding Taxes
• Enabling Withholding Tax Configuration
• Demonstration
• Withholding Tax Regime to Rates
• Practices
• Withholding Reporting Only Taxes
• Withholding Taxable Basis Formula
• Withholding Tax Calculation Formula
• Withholding Tax Rules
• Practice
• Tax Deducted at Source Change within a Fiscal Year
• TDS Change within a Fiscal Year with Tax Thresholds
• TDS Change within a Fiscal Year with Rate Schedules
• Summary

Other Tax Features

• Objectives
• Outsource Tax Processing and Reporting to Third-Party Tax Vendor Solution
• Service Subscriptions in the Cloud: Vertex
• Turnkey Tax Activation for Avalara with Additional Options
• Transaction Tax Management Solutions: Key Benefits
• Automatic Invoice Validation For Partner Tax Calculation Process
• Computation of GST Tax Liability on Receipt of Payment in Advance
• Tax Calculation on Receipt Accounting Distributions
• Use Default Values when Tax Calculation finds Inconsistent Tax Configuration
• Enable the Use Application Defaults Option in Tax Regime
• Enable the Use Application Defaults Option in Business Unit or Legal Entity Party Tax Profile
• Highlighting Configuration Elements that are not Optimized
• Leverage Online Help during Tax Configuration
• Leverage Online Help during Tax Line Review
• Setting Up Transaction Tax Thresholds
• Calculating Transaction Tax Thresholds
• First Party Tax Registration Number Default on Payables Invoices

Classification of Logic to fetch the First Party Tax Registration Number (TRN) for

• Payables Invoices
• First Party Tax Registration Number Default on Unmatched Imported Payables
• Invoices
• 1. Associate the Legal Reporting Unit (LRU)
• 2. Logic to fetch the Legal Reporting Unit (LRU) for a Legal Entity (LE)
• 3. Logic to fetch the Tax Registration Number (TRN) for the derived LRU
• Steps to Enable First Party Tax Registration Number Default on Payables
• Invoices
• First Party Tax Registration Number Default on Payables Invoices Created
• Manually – Non Indian BU/LE
• First Party Tax Registration Number Default on Payables Invoices Created
• Manually – Indian BU/LE
• Third-Party Tax Registration Number Defaulting for Receivables Transactions
• The Logic for Automatic Assignment of Third-Party Tax Registration Number to
• Receivables Transactions
• Tax Registration Number Validation Logic Overview
• Tax Registration Number Masking
• Tax Calculation on Rounded Amounts on Payables Invoices
• Tax Calculation on Rounded Amounts on Payables Invoices – An Example
• Set ups to Calculate Tax on Rounded Amounts in Payables Invoices
• Summary

Managing Tax Reporting

• Objectives
• Tax Reporting: Overview
• Setting Up Tax Reporting Configuration
• Setting Up Global Tax Reporting
• Reporting and Analysis
• Setting Up Tax Box Allocations
• Tax Reporting Tools
• Predefined Reports
• Tax Reporting Ledger
• Report Taxable Amounts Based on Ledger Accounted Amounts
• Tax Reports Based on the Tax Reporting Ledger
• Practice
• Tax Reports Based on the Tax Reporting Ledger
• Payables Analytics Publisher Reports
• Summary

Country Specific Reports Overview

• Objectives
• EMEA Reporting
• Additional Security Requirement for EMEA Reports
• Report for European Union
• Report for United Kingdom
• Reports for France
• Reports for Italy
• Reports for Spain
• Online VAT Reporting for Spain
• Investment Register
• Generate Online VAT Registers for Spain with Legal Format changes
• Generate VAT Reports for Spain with Online VAT Registers for Spain Reporting
• Attributes
• Reports for Spain
• Withholding Tax Reporting for Argentina
• Withholding Tax Reporting for Chile
• Withholding Tax Reporting for Colombia
• Process SHAAM Supplier Certificates for Israel
• Correction Documents for Poland
• Processing in Receivables
• Assigning the Security Privilege
• Jednolity Plik Kontrolny (JPK) Reporting for Poland
• JPK Accounting Books Extract for Poland
• JPK Bank Statements Extract for Poland
• JPK Invoices Listing for Poland
• JPK Sales and Purchase Registers for Poland
• Tax Point Date Adjustment Feature
• Processing in Receivables
• Processing in Payables
• Assign Security Privilege
• APAC Reporting
• Additional Security Requirement for APAC Reports
• Document Numbering for Receivables Transaction and Advance Report for
• APAC
• Thailand Withholding Tax Certificate Report and Sequence Numbering
• India – Computation of GST Tax Liability on Receipt of Payment in Advance
• Additional Security Requirement for China Reports
• Reports for China
• Reports for Singapore
• Summary