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I would like to know how to setup compounding tax for canada.
we should get 2 tax lines(tax on tax)
enclosed the sample invoice which is done in R12. like that we need the same in fusion. PLease help me what needs to be done for this solution
we should get 2 tax lines(tax on tax)
enclosed the sample invoice which is done in R12. like that we need the same in fusion. PLease help me what needs to be done for this solution
Responses (1)
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Accepted Answer
0To set up compounding taxes, please setup compounding precedence for both taxes. If you want the Tax 2 to be compounded on Tax 1, the Tax 1 should have more precedence than the Tax 2.
After creation of taxes, setup Tax Formula for Tax2 with Formula Type as 'Taxable Basis' and taxable basis type as 'Prior Tax' and compounding tax as tax 1 and rule as 'Add'. Use this Taxable basis formula as a default rule for tax 2'.
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