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Tax

Hi all,

Can please some one explain me briefly the following

1. Let's say I have an thirdy party system like Vertex. What is the actual role of Jurisdiction code and Tax code in calculating tax.

The tax rates are calculated on the jurisdiction code and material etc... right ? then what is the purpose of tax code...I know In tax codes we define tax rates, but these not going to be the same for all the jurisdiction codes right? so do we define tax code for each jurisdiction code?

So , please explain me the behaviour of Tax code and jurisdiction code on tax postings....the link between those two...

2. what are tax adjustments....can someone please exlain me with a sample posting....

Any help on these two issues is greatly appreciated...Please any experienced gurus please share your views on this...

Thanks

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