Vertex O Disbursal [U0307]

This module/update will disburse any outstanding sales and use tax to remove the payable from the general ledger. The module knows what tax to disbursed based on records in the rvx Vertex O Transaction table and in the rwx Vertex O Asset Level Transaction table. LeasePak writes these records to RVX/RWX tables when tax is accrued or payment received depending on whether cash or accrual basis tax accounting is used. The U0307 takes those records and process them. To process vertex O disbursal LeasePak will go through the records on a lease-by-lease basis for each lease in a given portfolio or for a specific lease. To process records from RWX table U0307, LeasePak will go through the records on an asset-by-asset basis for each asset in the given portfolio. The transaction records selected by the U0307 to process will be totaled by lease or asset. U0307 maintains a GL entry made for each lease or an asset to disburse the total amount of tax for that lease or asset. U0307 also removes the records from RVX/RWX and inserts them into RVS/RWS tables with the current date and time.

U0307 maintain GLs same as U0449 which has a debit to USE TAX PAYABLE and credit to CASH unless the amount is negative. The transaction type will be Vertex O Tax Disbursal. The U0307 Vertex O Disbursal can be scheduled to run as part of end of period through U0212 End of Period Customizations.

Vertex O Disbursal generates audit reports whether run U0307 interactively or through EOP. The audit reports will be only XML reports (no ASCII versions). The audit report lists each lease that was processed as long as there were records in RVX table for the lease. The audit report B will list each asset that was processed as long as there are records in RWX table for asset. The total tax being disbursed may be $0 in certain cases like a tax-exempt lease. The records will still exist and the lease will be processed to disburse Vertex-O records, but will not list for tax amount and does not creates GL entry. The report subtotals by PCRO.

Vertex-O disbursal Lease Audit Report A lists the lease, description, type, payment amount, and tax amount.

Field Descriptions

Aset

Asset number is displayed.

Description

Description of an asset is displayed.

Type

Lease type code is displayed (i.e. FIN, OPER, etc).

Pmt Amt

Total payment amount related to the lease disbursal is displayed.

Tax Amount

Lease tax total amount disbursed is displayed.

Vertex-O disbursal Lease Audit Report B lists the asset, description, type, payment amount, and tax amount.

Asset

The asset number is displayed.

Decsription

Description of an asset is displayed.

Type

Asset tax type code will be displayed (U - Upfront or S - Sale of asset).

Pmt Amt

The total payment amount of an asset to be disbursed will be displayed.

Tax Amt

The asset's total tax amount to be disbursed is displayed.

 

LeasePak  Documentation Suite

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