Elevate Your Workflow with Fusion Invoice for Production

Fusion invoice for Production

hello everyone i am hashita and today i am going to explain you about the topic taxes on invoices so what happens oracle fusion payables integrates with oracle fusion tax to support automatic tax calculation on payables invoices tax are calculated automatically on validation of the invoice when you access the tax line or by the calculated taxes actions so what happens when we create an invoice and after creating when we validate the same the tax calculation is automatically done on the validation and you can see the same by expanding this taxes when you expand this you can see all the details like rate name rate amount all other details like regimes text name text jurisdiction etc and you can also edit this field by clicking on the edit taxes and you can also click on manage tax details when you click on that you can view all the details related to text lines here like what is text point basis what is the text date this all details are visible here and there is one more thing i want to i want to add that the details which are reflected here in invoices like rate name rate regime jurisdiction etc are done by using oracle fusion tags rules and setup as it is a central repository of various text rules and setup so now going to the application now after logging to the application to see how the tags are calculated automatically on invoice we need to go to navigator go to payables under payables go to invoices then go to task list select create invoice give this apply given voice number give amount give the line enter the amount here select distribution combination search and select the account search for any expense account select ok ok now go to invoice actions and validate the invoice okay we need to give another number as it already exists so i have changed the invoice number now again go to inverse action and validate now go to access expand this now here you can see that taxes are calculated automatically here the rates are coming amount is coming everything you can edit this information by clicking on edit taxes and you can also click on manage stack details to see the details so here all the details are there so this is how the taxes are calculated automatically during invoice creation by just clicking on the validation so it was all about the taxes on invoice thank you