tax code and tax types

[Former Member]

Hi experts,

Can u pls tell me the difference between tax code and tax type...How do i maintain my own taxes like municipal tax,huse rent etc.

[Former Member]

Hello,

Tax codes holds the details of Rate % tax, Tax text, Tax GL Account assignment etc. They are configured using FTXP and GL Acc is mapped in OB40.

Tax types can be either input tax /output tax.

Once you configure tax codes in FICO, you have to map them unto FICA.

Hope this helps

Rgds

Rajendra

Points!!!

[Former Member]

Hi rajendra,

In FTXP,in the screen maintain tax code, there is no option of input tax under tax types and hence i cant enter the tax percent rate...

[Former Member]

Monica,

After FTXP-> Country-->Properties... you click on Properties. There you can select Tax type <V = Input tax ; A = Output tax>.

Hope this helps

Rgds

Rajendra

Points!

[Former Member]

Hi rajendra,

This is richa.I am getting that there there are two tax types: i/p and o/p but i am not getting them in Maintain tax codes screen in FTXP.so i cannot enter my tax percent over there.(I have also entered the tax jurisdiction code as IN00).

[Former Member]

Ok Richa,

Guess you have not maintained values in OB40.Click on MWS under transaction. It wud prompt you to mention COA. Mention your Chart of accounts <COA>.

Now give your Tax accounts.

Make sure that these Tax accounts in FS00 are configured with 'to be posted automatically only' apart from * in Tax catergory <do select the check box 'posting with out tax is allowed>.

Now try @ your FTXP. You shud get it.

Hope this helps

Rgds

Rajendra

Points for previous one too plz!!!!