How can itax4apps work for you?
itax4apps gives you insight into the entire process, from VAT summary statements, audit trail and reconciliation to declaration and audit – at any time and for all tax-paying business units. It gives you control over the VAT process and means that you are demonstrably fully compliant! Just think how much you’ll save.
Summary statements (also available in open periods) provide an overview of the monthly totals of applicable tax and taxable amounts. They’re divided by tax box, the level at which the declaration will be made. From the VAT summary statements you can drill down directly to detailed information, even to the level of the invoice or invoice scan in Oracle EBS.
With the audit trail it’s quick and easy to retrieve detailed information from the amounts in the summary statements.
The reconciliation shows at a glance the balances (VAT, sales, purchases) in the subadministrations and the GL and the differences between them. This is a great way to identify and resolve reconciliation differences early and proactively.
In the declaration, the taxable amounts and applicable tax amounts are clearly identifiable and displayed in a country-specific layout. VAT MOSS reporting is also available. For a number of countries, an extract can be created for audit purposes (SAF-T). You can provide these files to the tax authorities regularly or on request.
There you have it. A complete VAT summary statement using Oracle EBS. Comprehensive, immediate insight with a single press of a button. A solid audit trail from the country-specific VAT declaration to the original source transaction in Oracle EBS, and/or insight into the reconciliation with the GL based on revenue, and input and output VAT.
What does using itax4apps mean for an organisation?
1. Demonstrably less effort is required, due to:
- an automated process;
- proactive monitoring leading to early correction;
- detailed insight into the reconciliation of declaration amounts;
- a directly accessible audit trail.
2. Compliance, due to:
- direct insight into reconciliation with the GL;
- an accurate declaration;
- less risk of fines.
3. Standard software updates make life simple
An additional benefit is that you get an earlier understanding of the impact of VAT on your cash flow.