Features
GTM offers an unlimited number of taxes and rates—each associated with customers, suppliers, or items. You can also define when taxes are calculated, the formula used to calculate them, and the amount subject to tax.
GTM supports the following situations and conditions:
• Taxes based on geographic location, effective date range, tax class, item usage, or the nature of a company’s business
• Tax exemptions
• Taxation by line item or by order total
• Taxes based on a percentage of the item amount
• Trailer charges with multiple tax classes
• Luxury taxes for item amounts greater than a specified value
• Capped taxes that cannot exceed a specified maximum
• Taxes that include other tax amounts
• Purchase taxes recoverable against tax collected on sales
• Ability to override system-calculated tax amounts during transaction entry
• Reverse calculation of tax amounts from line items that already include tax
• Taxes your company absorbs rather than passes on to the customer
• Remittance of purchase taxes directly to the government instead of to the supplier
• Exclusion of credit term discounts from tax amounts
• Generating general ledger (GL) entries for purchase taxes at receipt of goods or supplier invoice
Since GTM accommodates a variety of taxation conditions, manual overrides of automated calculations are usually not needed. Although, once GTM is set up, it is possible to make any needed updates.