Tax date
A tax date should be generated/captured, and is separate to document, accounting and transaction dates. It primarily impacts AR and AP Invoices, Credit Notes, Debit Notes, and AR and AP corrective transactions. There should be an option to enter invoice date, prepayment date, delivery date, or other date as the tax date.
The requirement is to generate or capture a tax date, which is separate from document, accounting,and transaction dates. The tax date primarily affects the Accounts Receivable and Accounts Payable invoices, credit Notes, debit notes, and accounts receivable and accounts payable corrective transactions. There should be an option to specify the invoice date, prepayment date, delivery date,or other date as the tax date.
India specifics
- Goods: For manufacturing of goods, invoice is issued before or at the time of removal of
goods for supply to the recipient.
For sale of goods, invoice is issued before or at the time of delivery of goods or while making goods available to the recipient.
- Services: Invoice is issued before or after the provision of service but not later than 30 days from the date of provision of service.
How Infor meets the requirement
Tax point dates are the dates that tax is recognized by the system. The dates can be either the invoice, shipping, GL post date, or payment date.