TRAFXS Systems - Tax Reporting
TRAFXS Tax Reporting Solution
By default, all applicable federal, state, and local taxes are automatically applied to any sale or receipt transaction. However, TRAFXS supports an exemption facility, in which a customer holding a valid certificate is exempt from all taxes covered by the document.
Applicability and/or exemption of a specific tax may also be designated at the contract level. This is useful when the tax depends upon the usage, not the identity or purchase location, of the products.
Tax rates are maintainable at all times, and may be posted well in advance of their actual effective date. Associated with each tax is the jurisdiction in which it is collected, the products to which it applies, and the certificate types which exempt it. Certain taxes may be also apply to additional costs (e.g. freight or handling charges).
Several reports are available on a periodic basis for tax reporting and analysis. These reports are compiled from files produced by the invoicing system.
Inventory transfer tax report, which identifies all sales in a specific month which cross a state boundary before title is transferred.
Product receipts tax report, which identifies all purchases and exchange receipts in a specific month in which title transfer occurs within an individual state jurisdiction.
Sales tax report, which identifies all taxable and exempt sale and exchange delivery transactions in a specific month in order of tax code.
Tax sales summary report, which indicates the M-T-D tax collected for each individual tax type, as well as the total basis (volume or dollar amount) upon which the tax is calculated.
Sales summary by FOB location report, which summarizes all sales in a specific period (which may be several months) by the state, and optionally by customer, in which title of the product was transferred.
Exchange tax statements for exchange partners allow for tax payments and/or deposits as many cycles per month as needed.
Tax source summary report, which summarizes each tax code based on the source and status of the transaction. This report is commonly used for estimating tax deposits.