Pot Levy Extension
Back To Apps
Description
The Pot Levy Extension is a comprehensive solution designed to help businesses manage the government-imposed tax on specific products, ensuring compliance with tax regulations. This extension automates the identification, calculation, and reporting of Pot Levy charges, streamlining the tax management process and reducing manual workload.
Specifications
Stock Category Identification:
Automatically identifies stock items that fall under the Pot Levy category.
Customer Type Identification:
Recognises and assigns customer types who purchase Pot Levy items.
Customer Assignment:
Assigns customers who purchase Pot Levy items to a specific Customer Type.
Pot Levy Calculation:
Calculates the Pot Levy as a percentage of the selling price for eligible stock items.
Invoice Line Insertion:
Inserts the Pot Levy charge as a line item on the invoice, using the stock code POTLEVY.
Automated Trigger:
Identifies customer type on debtor invoice lines or sales order lines and triggers the Pot Levy process if applicable.
Category Check:
Checks if stock items belong to the selected POTLEVY categories and applies the levy accordingly.
Levy Calculation on Save: Calculates the Pot Levy for each relevant stock item and inserts the total amount as a line item on the invoice upon saving.
Adjustment Handling:
Automatically recalculates the Pot Levy if sales orders or invoices are edited after initial creation, adjusting based on stock quantity changes.
Additional Information
This extension ensures that all Pot Levy charges are accurately calculated and reported, providing a seamless integration with existing invoicing and sales order processes in Microsoft Dynamics Business Central.
Setup and Configuration:
– Easy setup and configuration to define stock categories and customer types subject to Pot Levy.
– Customisable settings to align with specific business needs and tax regulations.
User Process
– When creating debtor invoice lines or sales order lines, the system identifies the applicable customer type.
– For identified customer types, the system checks each stock item to determine if it belongs to the POTLEVY categories.
– The Pot Levy is then calculated as a percentage of the selling price for each eligible stock item.
– Upon saving the invoice or sales order, the total Pot Levy amount is inserted as a line item using the stock code POTLEVY.
– If any edits are made to the sales order or invoice, the system recalculates the Pot Levy based on the updated stock quantities.
Benefits
Compliance
Ensures compliance with government tax regulations by accurately identifying, calculating, and reporting Pot Levy charges.
Efficiency
Automates the Pot Levy calculation and insertion process, reducing manual effort and potential errors.
Accuracy
Provides precise calculation of Pot Levy charges based on stock categories and customer types.
Seamless Integration
Integrates smoothly with existing invoicing and sales order workflows in Business Central.
Real-Time Updates
Automatically recalculates Pot Levy charges if invoices or sales orders are edited, ensuring up-to-date tax calculations.
User-Friendly
Intuitive setup and configuration process, with easy-to-follow steps for users to manage Pot Levy settings.
Enhanced Reporting
Facilitates accurate and timely reporting of Pot Levy charges to the government, ensuring compliance and avoiding penalties.
Cost-Effective
Reduces administrative overhead and the risk of manual calculation errors, saving time and resources.
Related Applications
-
ABA Bank file Extension
This extension allows you to export a banking file to a CSV file. This is not a standard functionality in Business Central, but it reduces workload and manual data entry, saving your company time and money.Read more