Updating tax rates

Procedure

  1. To update tax rates, ensure that the Update and Split Payment Schedules option is selected from the Update Action list.
  2. After selecting the Update and Split Payment Schedules option from the Update Action list, in the Payment Schedules section, click an existing payment schedule where payments need to be updated.
  3. The From Date and To Date fields will be populated. If the From Date or To Date fields need to be adjusted, the payment schedule will break into multiple payment schedules.
  4. In the Adjust Amount To field, enter a value. It can be a positive or a negative amount.
  5. To update tax rates, select the Modify Tax check box. The Tax Breakdown section is displayed.
    Note: The Modify Tax check box is not displayed if the Update Action list is set to Update Only Payment Line Items.
  6. Add a new tax rate or remove or update the existing tax rates.
  7. After the processing is completed, close the Payment Adjustment pop-up form.
    In the Tax Breakdown section, the payment schedules are updated with new or updated tax rates .

    The future active payment line items (after today) are updated with the updated tax rates in the Tax Breakdown section. If the past payment (before today) or today's payment that is paid is adjusted, a catchup payment line item with today's due date is created with the total Catchup tax rate, total Catchup tax amount, and Expected Cash with Tax, and the Updated Tax Rates in the Tax Breakdown section.