Abel’s multi database tax consolidation enables you to combine tax data from multiple branch databases into one tax journal for each tax code. This is especially useful for installations with multiple indirect taxes such as the U.S.A. and Canada.
You can also create multiple tax journals for the different financial entities within your organization.
Abel’s Inter-Database Tax functionality helps multi-location organizations better manage their indirect tax (GST, VAT, Sales Tax) reporting and tax journal requirements. This functionality:
- Exports summarized tax data from branch databases to a Corporate Office database.
- Enables Corporate Office users to combine tax data from multiple branch databases into one Tax Journal.
- Enables Corporate Office users to create multiple tax journals for different financial entities using data from their databases.
Abel’s Inter-Database Tax features combine with Abel’s External Financial Ledgers to bring the data to where it is needed for tax journals and tax reporting.
All Abel Tax Journals can be configured to automatically include the External tax data. This means Corporate Office users can create Tax Journals that combine data from Branch databases into one tax return per tax code, per tax authority. Corporate Office users can create Tax Journals for each tax entity.
When you create a Tax Journal, you specify the Tax Code of the tax authority. This enables you to create a separate tax journal for each Tax Code that is used. Abel’s Tax functionality helps you manage tax reporting for different countries, or within countries that have multiple tax codes and multiple tax jurisdictions such as the U.S.A. and Canada.
Abel also detects prior period changes that require adjustments and populates the adjustment data on the tax journals.