Tax Funds
Description
After searching for and selecting a tax fund or when creating a new tax fund, use this task to enter/edit tax fund details.
IMPORTANT: The Delete button is not available (gray) on this screen if the fund is associated with a Tax Authority. You must first remove the Fund from the Tax Authority before deleting it on this screen. To do so, follow the path Levy Management > Setup > Tax Authorities > Search for Tax Authorities > [select authority] > Maintain Tax Authorities. Select the fund from the list in the Funds panel and click Remove and Save.
SETUP: See Levy Management and Levy Management Setup for any applicable prerequisites, dependencies and setup information for this task.
Jurisdiction Specific Information
Steps
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Enter or edit the Fundcode.
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Enter aDescription that identify the fund.
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Select the Levy basisType on which charges for this fund will be based, such as taxable value.
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Select a Category. Categories are systypes and are set up via Configuration > Systypes > Select or Add a Systype Systypes.
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Select aSub category, if applicable.
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Select the Levy basis type, for example, SPASS, Taxable Value, or Market Value.
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Select the checkbox if the fund is Lienable, that is, if charges for this fund can be secured with a lien.
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Enter any additional information in any user-defined fields (UDFs) created during setup. To set up UDFs, go to Configuration > User-Defined Fields > Search for User-Defined Fields. Select Tax Levy Management as the Module. Click Search to search for existing UDFs or click NEW to create new UDFs. The UDFs you create are then displayed on this screen. If no UDFs are created, the message There are no user defined fields to render is displayed at the bottom of the screen.
- Click Save to save the fund.
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Click List to return to Search for Tax Funds to select a different fund.
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Click Delete to delete the fund entirely. In order to delete a fund, it must be detached from all tax authorities.
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Click Close to end the task.
Tips
The fund category and subcategory are user-defined systypes used to further define and group funds for reporting purposes.