Withholding Tax Calculation under new ERP Systems

 COA must have a location for common site (116)

• Review Bank Balances
• If create accounting is NOT done from the concurrent program, the output format goes to XML only
• In case of creating a single invoice for party payment against multiple invoice with different material types, how do we address the default distribution account code
• Quick way for searching of invoices for withholding tax calculation/ vat for payment needs to be addressed
• Create accounting doesn't work from the Action button
• For submitting report (option button) should be enabled for different file types (e.g. excel, PDF, etc.) for all kinds of reports
• For Withholding Tax (52), the invoice should be validated automatically and accounting should be done in a single step
• For partial payment of taxes, which report shows the remaining balance?
• Provide the list of Oracle standard reports name which are applicable for Entity
• For any accounting report, the transaction date is always 1 day behind
• Withholding Tax (%) might be low when a specific party is executed for the 1st time in the system. Need to upload supplier ledger for checking the correct tax/ vat calculation
• When we are assigning the natural account code for Internet/ Phone bill, we need to assign the code with prefix or else we will not be able to capture this expense in selling and distribution expenses
• COA → LOB and department need to be consitent with other data masters
• Context values need to be global (e.g. PM, PSO, DSM, RSM, etc.) for few of the expense types
• Withholding Tax Calculation →New Requirements shared with KPMG and need to be developed

Status of some critical ERP scenerios under Oracle Cash management

Please see, we have removed the Bank Account masking for Superusers.User can navigate to Account Payable's Responsibility to create the invoice followed by payment."Screen Shot is an option as it has the Bank Transfer no as well as the relevant Bank Account Details.

Bank Transfer through Bank Instruction can also be done through AP, and the Payment method can be used as Bank Instruction/Bank Payment Advise" .This is as per Standard Oracle Functionality, Oracle does not provide voucher generation from CM. Please check from Cash Management Super user resp (Bank Transfers 145, 146,147, 148)

Agro will be able to create the Bank Transfer. Please specify the report, the create accounting report issue was resolved. Responsibilities are created.The COA has all the values as shared by G/L Team.

Please verify the COA internally and let me know the values missing".As Discussed only the major expense categories / the expenses required for reporting purpose are present. Please give us the list of expenses required to be updated

"Solved. While booking the expenses, User can distribute the amount as per the distribution set attached at the line level. Distribution Set can be created in advance. User can also allocate the amounts manually.

The Distributions can be checked from the Invoice Transaction Check Report". Solved, as seen in the Account Analysis Report

1. Sales proceed of vehicle - Miscellaneous Receipt in AR
2. Amount received from security guards - Miscellaneous Receipt in AR
3. Amount received against donations- Miscellaneous Receipt in AR
4. Amount received from suppliers against damages
- Create a Invoice for the supplier (Invoice Type - Credit Memo, Invoice Amount - Damage amount in negative, Default Distribution Account - Receivables from Supplier Account).
- Validate the Invoice and perform Pay in full.
- Enter the Bank Account in which refund is received and Supplier Cheque number as the document Number
- Click on Save.
5. Amount received against employee final settlement -
6. Amount received against employee loan - Record in Payroll
7. Director's fee refund - Miscellaneous Receipt in AR"

Some critical issues to solve under New ERP Systems

PFA the format of the inventory valuation report which we are customizing. Please let me know if this format and the parameters are okay.PFA the issue register updated from my side. I have only updated the costing related issues.

• Bank details creation/ modification is common across all LEs (Legal Entity). Should be LE specific.
• There should not be any account number masking for the super users i.e. the whole account number should be viewed (for superusers who will have the authority to change the data master).
• Update user manual for missing bits only. [e.g. Bank Transfer → Cash Flow → Available Transfer]
• Bank transfer through cheque will be done from A/P and not from CM (Cash management)
• Bank transfer through instruction will be done from CM (Cash management). NO voucher will be created. Transaction will be done & journal entry would be given in the background. Need voucher report for reference.
• NO voucher can be generated in the CM module. (Debit memo, Credit memo, Payment and Bank transfer vouchers)
• Bank transfer number is NOT generating sequentially. Bug needs to be addressed with Oracle.
• Bank transfer numbers are missing. NO sort is available.
• Available payments are NOT LE(Legal Entity) specific. One LE should not be able to view/ modify any data.
• Agro can NOT search their banks in the Bank Transfer screen.
• Security profile and organization access for CM (Cash management)needs to be addressed through LEs(Legal Entity).
• Create accounting for bank transfer resulted in reports containing errors. Need to re test thoroughly.
• Agro need responsibilities for petty cash user based on location
• User based problem (database looping) while trying to commit payment
• COA not updated as a result scenarios are not getting tested
• Majority of the expense type are missing in the LOV
• Same name/ description for different account codes in COA (Chart of Accounts) is creating confusion. COA must be updated with proper prefix values for the naming convention
• Scenario: Admin may receive 50,000 USD as advance from HO Petty Cash and Admin submitted the vouchers against snacks purchase to Finance. Now Petty Cash User will distribute these expenses in the different departments. User was not able to assign expenses department wise and also could not get any report which department consume how many amount against Snacks
• Settle expense against advance →Balance reflected properly in petty cash but NOT against individual account code despite of completing proper accounting (e.g. When executing Create Accounting the concurrent program doesn't execute)
• Invoice screen does not appear

"Petty cash received from other sources apart from bank needs to be addressed. The other sources could be the following:
1. Sales proceed of vehicle
2. Amount received from security guards
3. Amount received against donations
4. Amount received from suppliers against damarages
5. Amount received against employee final settlement
6. Amount received against employee loan
7. Director's fee refund"

What is a bank? | Meaning of Bank

Bank may have different definitions but almost all definitions are denoting the same or similar tone:

Bank is a financial institution, which deals with money and credit. Bank accepts deposits from the public and mobilizes the fund to productive sectors. Bank also provides remittance facility to transfer money from one place to another. Generally, bank accepts deposits from business institutions and individuals , which is mobilized into productive sectors mainly business and consumer lending. So bank is also called a dealer of money. At present context, a bank may engaged in different types of functions such as remittance, exchange currency, joint venture, underwriting, bank guarantee, discounting bills etc. The modern bank refers to an institution having the following characteristics:

* Bank deals with money: it accepts deposits and advances loans.

* Bank also deals with credit: it has the ability to create credit by expanding its liabilities.

* Bank is commercial institution: it aims at earning profit.

Banks are the principal source of credit for millions of individuals and families and for many units of government. They are among the most important financial institutions in the economy. Moreover, for small local businesses to large dealers, banks are often the major source of credit to stock the shelves with merchandise. Banks grand more installment loans to consumer than any other financial institutions.

 

Banks are among the leading buyers of bonds and notes issued by government to finance public facilities, ranging from hospitals and football stadiums to airports and highways. Moreover, bank reserves are the principal channel for government economic policy to stabilize the economy.

 

Banks are the important sources of short-term working capital for businesses. They have become increasingly active in recent years in making long-term business loans for new plants and equipment. When businesses and consumers must make payments for purchase of goods and services, more often they use bank provided cheques, debit or credit cards, or electronic accounts connected to a computer network.