Oracle's new Tax Reporting Oracle's new Tax Reporting Ledger Ledger --
A well A well--kept secret kept secret
Hans Kolbe, Celantra Systems Inc.
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About Us: About Us:
Celantra Systems provides international program management services with a strong focus on multiorg, inter-company, and global compliance and implementation issues. Celantra Systems also offers specialized software tools to augment application functionality in global implementations. Celantras consulting and technical services can add valuable impact in the integration of Oracle Apps with boundary systems such as SAP, People Soft, trade and customs compliance systems and others. Former and current clients include Xerox, Tektronix, British Telecom, Assa Abloy, Yahoo, Texas Instruments, PPG, Dionex, GE Medical, GE Power, Cree Corp. and others. Hans Kolbe has managed and advised software implementation projects for over 16, global projects for over 9 years. His extensive knowledge on Oracle applications is combined with a formal background as a German attorney, trained in international and comparative law.
Collaborate 2008 - OAUG - Copyright Celantra Systems
Goal of this Session:
Help Oracle Application Users and Managers to achieve an understanding of the new Financial Tax Reporting Ledger, its scope, its potential and issues. We will also cover the integration of the tax reporting ledger to other reporting and reconciliation tools.
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Structure of the Session
1. Tax Reporting Challenges and 1. Tax Reporting Challenges and Oracles Tax Reporting Ledger Oracles Tax Reporting Ledger 2. Technical Functions and Steps 2. Technical Functions and Steps 3. Sample Configuration 3. Sample Configuration 4. Expanded Use 4. Expanded Use -- Intra Intra--Stat, Stat, Intercompany Reconciliation Intercompany
Reconciliation
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Financial Tax Register - Key Elements
1. New feature in Release 11I, fully developed in 11.5.10, integrated with E-Business Tax Engine of Release 12. 2. Provides a tax reporting data warehouse within the Oracle Application. It includes automated extracts from AR, AP, and GL into special reporting tables (interface tables). 3. The extracts are registered, updated and validated with standard functionality. 4. The reporting from these tables can be done using a simple built-in report writer, ADI, or other Oracle or third party tools such as Cognos.
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Single Source Cross-Module Tax Reporting
1. Challenge - Separate Reporting Matrix in each application module Receivable and Payable. 2. Challenge - Practically no GL VAT reporting functionality Answer: Integrated single tax repository with normalized tax reporting tables. Differences in the source module data structure is transparent to the user. AR, AP, and GL VAT combined and reported as required.
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Multitude of Country Specific Formats in single source
1. Challenge: Multitude of country specific tax reporting formats require extensive customization or installation of globalizations with support overhead. 2. Challenge: Tax Reporting usually requires at least 3 types of reporting formats: a) internal audit and reconciliation to GL b) external audit format c) tax filing format. All reports need reconcile. Answer: Tax Register tables contain required information for these purposes. Formats can be configured by users, no SQL or programming required. Single source of data ensures internal reconciliation.
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Easy Extension to Related Tax and Reconciliation Reporting
Challenge: Tax related reporting like European Intra-Stat report, export/import compliance reports are provided with completely separate data structure and complex setups. Reconciliation to VAT and Tax reports extremely difficult. Answer: The Tax Register can provide a single reporting tool also for tax related reports. Its tables contain sufficient flexibility (over 600 columns) to store additional information in hundreds of flexfields etc. as required. Flexible formatting can be generated for electronic submission per country specifications.
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Additional Functionality
The Tax Reporting Ledger supports the following reports: Deferred Output Tax Register Excise & Quantitybased Taxes Recoverable and NonRecoverable Tax Registers Single Cross Product Tax Register Standard Input and Output Tax Registers ??withholding tax? Transaction tax accounting and reporting for: Receivables Invoices, Credit Memos, and Debit Memos Line, Tax, and Invoice Adjustments, Payment Applications for Deferred Tax Earned and Unearned Discounts, Finance Charges, Miscellaneous Receipts & Payments Payables Invoices & Credit Memos, Payables Prepayments Global Descriptive Flexfields General Ledger Manual Journal Entries
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Oracles Financial Tax Register The Technical Structure
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