Setting up Tax Calculation Using FinancialForce

To calculate tax on billing documents using FinancialForce, the following must be set up:

1. Tax codes and tax rates. See Creating a Tax Code.
2. Company tax information. See Creating Company Tax Information and Company Fields.
3. Account tax information. See Account Fields.
4. Product tax information. See Product Fields.

You can configure FinancialForce to calculate tax automatically when billing documents are created from contracts. To do this, enable the Calculate Tax On Billing field in the Billing Central Settings custom setting.

When you calculate tax on a billing document with FinancialForce, any existing tax codes on billing document lines are removed and replaced with up to three tax codes, for example for state, county, and city taxes.

See How FinancialForce selects Tax Codes for information about how FinancialForce determines which tax codes to use.

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