Exercise - Set up sales tax settlement periods
In this exercise, you set up sales tax settlement periods.
Go to Tax > Indirect taxes > Sales tax > Sales tax settlement periods.
Select New on the Action Pane.
In the Settlement period field, enter a value.
In the Description field, enter a value.
In the Authority field, select the sales tax authority that receives the reports and the payments that you create for the settlement period.
In the list, find and select the desired record.
In the Terms of payment field, select the dropdown button to open the lookup. In the list, find and select the desired record.
In the list, select the link in the selected row.
Enter the number of Period interval units for each period. For example, a quarter has three months.
Turn on or turn off the Use batch processing for sales tax settlement toggle.
You can process the settlement process for the settlement period as a batch job in the background. We recommend this method for many tax transactions in a period interval.
Turn on or turn off the Prevent generating offset tax transactions toggle.
By default, the system generates offset tax transactions during the settlement process, which can cause performance issues if many tax transactions exist in a period interval. Select this toggle to prevent generating offset tax transactions.
Expand the Period intervals tab.
Select Add.
In the From date field, enter a date.
In the To date field, enter a date.
Select New period interval. When you enter the first period interval, the system automatically creates new periods. You can return later and add new period intervals as required.
Close the page.