Vertex O Conversion - Overview
To use Vertex O interface, users must first purchase Vertex O module to get the functionality of Vertex Indirect Tax O Series Interface. If you want to use Vertex Indirect Tax O Series Interface for existing contracts of LeasePak for tax calculation, they all must be converted first. The conversion process will first assign a tax area ID to the equipment address and update other fields needed to indicate that the contract is now a Vertex O contract. Users can only convert a lease on contract-by-contract basis. LeasePak will not convert all contracts in a given portfolio because a portfolio can have multiple contracts. However, all assets on a given contract must be converted first to convert that contract. 250 Vertex O Conversion Update Utility helps to convert a contract and describes that how to convert a non-Vertex O contract to Vertex O contract.
Once a contract is converted to vertex O, all future accruals of that contract will use Vertex O to calculate and record tax. If accruals are reversed, the invoices that were prior to Vertex O conversion will be reversed as before, not using Vertex O. When the contract is re-accrued, LeasePak will use a Vertex O Interface to create a new invoice number if needed. The new invoice will not be used when there is an assessment on an invoice and not reversed.
The conversion process will update certain information provided in an input file, which the user provides. It will not look up the tax area ID and assign it as part of the conversion. Assistance for assigning tax area IDs to addresses can be provided through Vertex using their address cleansing service. This service takes in many addresses and returns the addresses with correct postal spellings and nine-digit zip code as well as the tax area ID. This data can then be used to create the input file the conversion process needs.
Vendor addresses must also be converted to include the tax area ID. All leases using Vertex O must have a vendor/dealer assigned at the lease level that has a tax area ID.
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