Defining your Vertex tax company

Before you can use Vertex to calculate your taxes, you must define your tax company and designate Vertex Quantum or Vertex O Series as your tax calculation system. You can use Company (TX00.1) to complete both tasks.

First you must select whether to assign your general ledger accounts at the company or tax code level. The level you use affects the kind of tax information you see. If you assign your general ledger accounts at the company level, your taxes are summarized, not broken down into individual posting accounts. If you assign your accounts at the tax code level, you will see detailed information on your taxes such as landing costs, tax point date, and invoice, and accrued tax.

This procedure gives instructions for defining your tax company and designating Vertex as your tax calculation system.

Define your tax company and designate your tax system

  1. Access Company (TX00.1).
  2. Specify your company number in the Company field.
  3. Select one of these Tax Systems:

    • O Series Geocode - Select this option to calculate your taxes based on GeoCodes.

    • QUANTUM Geocode - Select this option to calculate your taxes based on GeoCodes.

    • QUANTUM CtyStZip or StZip - Select this option to calculate your taxes based on the address information you provide (city, state, and postal code or state and postal code).

  4. Select Y (Yes) or N (No) in the Use Tax Code Accounts field as follows:

    • Select Y (Yes) to assign your general ledger accounts at the tax code level. If you select Y (Yes), you must assign your general ledger accounts using Tax Code Maintenance (TX02.1).

    • Select N (No) to assign your general ledger accounts at the company level. You can then assign your general ledger accounts usingCompany (TX00.1) .

      Note: All Vertex users should consider selecting N (No) in the Use Tax Code Accounts field and assigning general ledger accounts at the company level. This prevents having to set up defaults for each tax code individually on TX02.1.
  5. Assign your general ledger accounts using TX00.1 or TX02.1.
  6. Select the Add form action.