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How to Change the Bank Account in Tax Payment

Hello Everyone,


The aim of the document is to get a clear picture of changing the bank account in the Tax payment.


While creating a new tax payment, we cannot choose the bank account explicitly as there is no option to select the bank account.


As you already know for internally initiated tax payments the bank account is determined automatically by the system and cannot be entered manually. Bank account is determined automatically on the business configuration settings depends on the Prioritization of Bank Accounts.

In order to specify a bank account to your tax payment, you may change the prioritization for the bank account or create on external payment.


Please find the below steps to create an external payment:


1. Go to the Payment Management work center.

2. Go to Common Tasks view.

3. Choose New Outgoing Bank Transfer. . Enter the payment and required bank data and the payee of your tax authority.

4.Choose Post.


PS: You need not to give any open items in the Outgoing Bank Transfer.


To release the Tax Payment follow the below steps:


1. Go to Tax Management work center.
2. Go to Work view.
3. Select the appropriate task and click on the task.
4. Go to Open Tax returns under Tax Returns tab.
5. Select the Matched check box which allows you to match payment with the tax return id.

6. Click on Post.


Note that if the tax payment has already been created, it is not possible to change the selected bank account. It will be necessary to reverse the tax payment and restart the payment process again, changing the relevant information.


Regards,

Annapurna

Former Member

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