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Configure, calculate, manage, and report taxes. Centralize tax information, automate tax calculations across financial transactions, and generate the reports needed to support tax filing and compliance.
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English
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AcumatiCares
Product
Tax Accounting Software
Automate Tax Calculation and Reporting
Acumatica Tax Management Software automates tax calculation, accounting, and reporting across your financial workflows. Configure taxes centrally, apply them to transactions based on tax zones and categories, post tax amounts to designated GL accounts, and generate detailed reports for filing and reconciliation.
Key Benefits
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Configure Flexible Tax Rules and Rates
Support sales, use, withholding, VAT, and reverse VAT taxes. Configure the default tax calculation mode on the tax provider to compute taxes from Net or Gross amounts. Specify multiple rates with different start and end date, and minimum and maximum tax amounts. Calculate on each line item or the entire document amount.
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Automate Tax Reporting and AP Offsets
Specify the frequency of tax reporting and generate tax reports. Automatically generate a bill in accounts payable with appropriate ledger postings.
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Connect Tax Calculation Across Financial Workflows
Calculate taxes automatically based on the tax zone assigned to customers, employees, or vendors and the tax category assigned to inventory items. Acumatica posts calculated tax to the appropriate GL liability and designated accounts while keeping tax processing connected with modules that require tax calculation.
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Support Making Tax Digital for UK VAT
Comply with HMRC's Making Tax Digital for VAT program. With Acumatica, businesses subject to VAT in the UK can create a direct connection between their company branch and their HMRC-registered tax accounts for electronic VAT tax reporting. HMRC (His Majesty's Revenue and Customs) implemented Making Tax Digital in 2019 to modernize UK tax administration.
Important Features of Tax Accounting Software
Configure Tax Reporting by Tax and Jurisdiction
Configure tax reporting requirements for each tax. Generate summary reports and retrieve tax details for each tax zone. Prepare the statistical information required by tax authorities for filing tax reports.
Drill Down from Tax Reports to Source Transactions
Maintain a detailed record of each tax transaction, including the originating module and transaction, taxable amount, tax amount, reference number, and document type. Reconcile calculated taxes with General Ledger postings and drill down to the original transaction when additional detail is needed.
Make Direct Tax Adjustments
Review tax reports and enter corrections directly in your tax accounting software. Corrections update the specified tax liability account in the GL as well as the statistical tax information.
Audit Trail
Maintain a complete audit trail of all tax related transactions. The system maintains the details of all tax related documents, including the originating module, reference numbers, and date of the record. Adjustment can only be made through auditable transactions.
Connected Sales Tax and Compliance Solutions
Avalara AvaTax and Vertex Sales Tax solutions work inside of Acumatica Sales Order Management and Retail Edition to deliver sales tax decisions based on precise geo-location in more than 11,000 taxing jurisdictions. Order entry staff have nothing extra to learn. The systems automatically consider thousands of taxability rules and the latest jurisdiction boundaries to deliver the right rate and tax calculation—every time. In addition, the returns filing process monitors deadlines with automated returns and remittance.
Learn more about Avalara AvaTax (Learn about Acumatica’s integration with Avalara)
Streamlined Tax Zone Reporting
Automatically assign tax zones to new sales orders and invoices based on country, state, and zip code.
Sales Tax Exemption Certificates
Manage tax exemption certificates. Automatically calculate sales and VAT taxes and prepare for tax filing reports. Customer default tax zones can be overridden during document entry. Supports multiple tax items per document line, deduction of tax amount from the price, and tax on tax calculation.
Tax Accounting Software – FAQ
What is Acumatica Tax Management?
Acumatica Tax Management helps businesses configure, calculate, manage, and report taxes within Acumatica Cloud ERP. It centralizes tax information and connects tax processing with the financial and operational transactions that require tax calculation.
How does Acumatica Tax Accounting Software work?
Businesses configure taxes, effective rates, tax zones, and tax categories centrally in Acumatica. The system uses those settings to calculate applicable taxes on supported transactions, post tax amounts to designated accounts, and maintain the details needed for reporting, reconciliation, and tax filing.
Who is Acumatica Tax Management designed for?
Acumatica Tax Management is designed for growing businesses that need centralized tax configuration, automated tax calculations across ERP transactions, detailed tax reporting, and connected financial accounting processes.
What types of taxes can Acumatica manage?
Acumatica supports multiple tax types, including sales tax, use tax, withholding tax, VAT, and reverse VAT. Businesses can also configure rates, effective dates, calculation methods, tax zones, and tax categories to support their tax requirements.
How does Tax Management integrate with Acumatica Financial Management?
Tax Management works with Acumatica financial and operational modules that require tax calculation. Taxes can be determined using customer, vendor, employee, and inventory-related tax settings, then posted to the appropriate General Ledger and designated tax accounts.
Can users trace tax amounts back to the original transaction?
Yes. Acumatica maintains detailed tax transaction records, including the source module and transaction, taxable amount, tax amount, reference number, and document type. Users can reconcile tax calculations with General Ledger postings and drill down to the originating transaction.
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