IBM Maximo Asset Management, Version 7.6

Tax transactions

An invoice can include tax. If so, in addition to the transaction of TRANSTYPE = TOTAL, a transaction is written to the INVOICETRANS table with TRANSTYPE = TAXn, where 1 ≤ n ≤ 27. The value of n depends on which tax type you selected for the tax in the Chart of Accounts application.

Pay tax to vendor example 1

Approve an invoice for 20 bearings at $0.50 each, plus tax of $0.75.

If the tax is of type Tax 1, the following tax transactions are written: TRANSTYPE = TAX1 to INVOICETRANS.

Table 1. Source of GL account for pay tax to vendor
GL account source	Debit	Credit	GL account source
Paid Tax GL account	$0.75	$0.75	Company RBNI account

Pay tax to vendor example 2

Additionally, there is an option to add taxes to the cost of the item. When you choose this option and Pay Tax to Vendor is true, a single transaction of TRANSTYPE=TOTAL is written to the INVOICETRANS table. A tax type transaction is not written in this scenario.

If Tax Paid to Vendor (Pay Tax to Vendor? = Y) and if Tax is of Type Tax n, where 1 ≤ n ≤ 27

INVOICETRANS.GLDEBITACCT Defaults to INVOICE.TAXnGL TAXTYPE.INCLUSIVEGL

INVOICETRANS.GLCREDITACCT Defaults to COMPANIES.RBNIACC COMPANYACCDEF.RBNIACC (where TYPE = type of vendor company)

Do not pay tax to vendor example 1

Approve an invoice for 20 bearings at $0.50 each, plus tax of $0.75.

If the tax is of type Tax 1, a tax transaction is written with TRANSTYPE = TAX1 to INVOICETRANS.

Table 2. Source of GL account for do not pay tax to vendor
GL account source	Debit	Credit	GL account source
Company RBNI Account	$0.75	$0.75	Unpaid Tax GL account

Do not pay tax to vendor example 2

When you can add tax to items and Pay Tax to Vendor is false, two transactions are written to the INVOICETRANS table:

TRANSTYPE=TAXn, where 1 ≤ n ≤ 27
TRANSTYPE=TOTAL

Approve an invoice for 20 bearings at $0.50 each, plus tax of $0.75.

If the tax is of type Tax 1, a tax transaction is written with TRANSTYPE = TAX1 to INVOICETRANS.

Table 3. Source of GL account for do not pay tax to vendor
GL account source	Debit	Credit	GL account source
Company RBNI account	$0.75	$0.75	Unpaid Tax GL account

If Tax Paid Directly to Authority (Pay Tax to Vendor? = N) and if Tax is of Type Tax n, where 1 ≤ n ≤ 27.

INVOICETRANS.GLDEBITACCT Defaults to INVOICE.TAXnGL TAXTYPE.EXCLUSIVEGL

INVOICETRANS.GLCREDITACCT Defaults to TAXTYPE.INCLUSIVEGL

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