Tuesday, January 22, 2019

Impact of Having a Locked/ Unlocked Tax Period not consistent to its corresponding Accounting Period

If a tax period is already locked and you posted a transaction in an open accounting period, the tax reports will show this transaction as posting to the earliest open period. For example, assume the following:

Tax Period:

Nov 2012=Locked
Dec 2012=Unlocked

Accounting Period:

Nov 2012=Open
Dec 2012=Open

If you will create an invoice dated Nov 12, 2012 which resulted to a tax, this will post to the Nov 2012 accounting period. However, since the Nov 2012 Tax Period is already locked, for tax reporting purposes, this will show on the earliest open tax period, that is, Dec 2012.


No comments:

Post a Comment