Features of Quantum for Sales and Use Tax
Note: Currently, Quantum for Sales and Use Tax supports tax calculation and compliance requirements for the United States and Canada only.
Vertex’s Quantum for Sales and Use Tax addresses the following business needs:
• Most companies do not have the resources or expertise to manually set up US and Canadian sales and use tax data.
Quantum provides tax data to support US and Canadian sales and use taxes. This data includes tax jurisdictions for customers and suppliers, as well as applicable sales and use tax rates for each jurisdiction.
• After a tax system is implemented, tax data must be updated regularly to reflect current tax rates, rules, and exceptions. This reduces the risk of inaccurate customer billing as well as audit exposure and liability.
Vertex provides their customers with monthly database updates containing current sales and use tax rate data.
• Companies are required to file tax forms with different government agencies to report and pay sales and use taxes.
Customers using Quantum for Sales and Use Tax can use Quantum Returns to fully automate filing of tax returns for most tax jurisdictions.
Vertex’s Quantum for Sales and Use Tax and SUTI cover the following tax jurisdictions:
Each tax jurisdiction is identified in the Quantum database by a unique code called a GeoCode. Quantum GeoCodes are imported into the QAD ERP application as GTM tax zones. See Tax Zones
Quantum requires US dollar amounts to calculate taxes. Therefore, the required currency for all transactions in SUTI is US dollars.
Specifying the currency code for US dollars in the US Currency field in Tax Interface Control lets the system convert all non-US dollar amounts into US dollars for Quantum calculations. See Setting Up Tax Interface Control
Use Currency Create (26.1.1) and Exchange Rate Create (26.4.4) to define currency codes. After tax amounts are calculated, SUTI converts the amounts back to their original transaction currency.