(POL) Set up and create an overdue vendor debt CIT and PIT journal

Applies To: Microsoft Dynamics AX 2012 R3, Microsoft Dynamics AX 2012 R2

You can set up the parameters that are used to identify the transactions that are included in the overdue vendor debt Corporate Income Tax (CIT) and Personal Income Tax (PIT) journal. You can then create an overdue vendor debt CIT and PIT journal for a period that you specify. The journal contains the following information:

• A list of overdue payments that require tax cost adjustments. You can manually adjust tax costs for these payments.

• A list of payments that were overdue, for which tax cost was adjusted previously, and you made the payments to the vendors. You can reverse the tax cost adjustments for these payments.

You can exclude debts from the list of overdue payments. You can generate the Overdue CIT and PIT journal report that contains the details about the overdue payments and tax cost adjustments.

Follow the steps in this topic to set up parameters for overdue vendor debt CIT and PIT journals, and then create a journal.

Prerequisites

The following table shows the prerequisites that must be in place before you start.

1. Set up parameters for overdue vendor debt CIT and PIT journals

Use the Overdue debt journal calculation setup form to set up parameters that are used to identify transactions for overdue vendor debt CIT and PIT journals.

To perform this task, follow these steps:

1. Click General ledger > Setup > Overdue debt > Overdue debt journal calculation.

2. Click New or press CTRL+N to create a record.

3. In the Journal type field, select Vendor CIT and PIT journal as the type of journal that uses this calculation setup.

4. In the Minimum number of days field, enter the minimum number of days past the due date after which the transactions are included in the overdue vendor debt CIT and PIT journal.

5. In the Maximum number of days field, enter the maximum number of days past the due date before which the transactions are included in the overdue vendor debt CIT and PIT journal.

6. In the Calculation type field, select a method that is used to identify the transactions.

   Select from the following options:

   • Due date – The transactions are identified using the payment due date.

   • Invoice date – The transactions are identified using the shipment date.

7. In the Condition field, select an operator that specifies the condition that is used to compare the dates for the calculation setup.

8. In the Payment term days field, enter the number of days for the payment term.

9. Select the Validate check box to validate transactions before settling them. If this check box is selected and an invoice is included in an existing overdue vendor debt CIT and PIT journal, then you cannot settle or unsettle the invoice with a payment. You must delete the overdue vendor CIT and PIT journal that the invoice is associated with before you settle or unsettle the invoice with a payment.

2. Set up the dimension and number sequence for overdue vendor debt CIT and PIT journals

Use the Accounts payable parameters form to set up the dimension and number sequence that are used for overdue vendor debt CIT and PIT journals.

To perform this task, follow these steps:

1. Click Accounts payable > Setup > Accounts payable parameters.

2. Click Ledger and sales tax, and then in the Ledger and sales tax area, on the Corporate Income Tax (CIT) and Personal Income Tax (PIT) FastTab, in the Dimension to calculate the CIT and PIT correction field, select the dimension that is used to distribute overdue amounts in overdue vendor debt CIT and PIT journals.

3. Click Number sequences, and then in the Number sequences area, in the Number sequence code field, select a number sequence code for the Overdue debt CIT and PIT journal reference.

3. Create an overdue vendor debt CIT and PIT journal

Use the Create overdue CIT and PIT journals form to create an overdue vendor debt CIT and PIT journal for a period.

To perform this task, follow these steps:

1. Click Accounts payable > Periodic > Overdue debt > Overdue vendor debt CIT and PIT journals.

2. Click New journal or press CTRL+N to create a journal.

3. In the Create overdue CIT and PIT journals form, in the Date field, select the last date of the journal reporting period, and then verify the calculation type, from date, and to date based on the parameters that you set up.

4. Click OK to create a journal in the Overdue vendor debt CIT and PIT journal form.

5. In the Overdue vendor debt CIT and PIT journal form, verify the journal numbers, transaction details, overdue amounts, paid amounts, and transaction dates for the overdue vendor debts.

   Field	Description
   Journal number	The identification number of the journal that is used for overdue debt.
   Date	The transaction date.
   Description	A brief description of the journal.
   Approved	If this check box is selected, the journal is approved.
   Overdue amount	The overdue debt amount in the accounting currency.
   Paid amount	The paid debt amount, including the tax amount, for the previously reversed tax.
   Vendor account	The account number of the vendor who is associated with the journal line.
   Name	The name of the vendor who is associated with the journal line.
   Invoice	The invoice number that the transaction is associated with.
   Voucher	The voucher number that the transaction is associated with.
   Due date	The due date of the transaction.
   Exclude	Select this check box to exclude a debt from the list of overdue payments.
   Registration number	The registration number of the vendor.
   Number	The invoice number that the transaction is associated with.
   Document date	The date of the document for which the transaction is created.
   Document	The number of the document for which the transaction is created.

You can click Print report to generate the Overdue CIT and PIT journal report, which contains the details about the overdue payments and tax cost adjustments.

Technical information for system administrators

If you don't have access to the pages that are used to complete this task, contact your system administrator and provide the information that is shown in the following table.