(IND) Transfer opening balances using tax journals
Important
This content is archived and is not being updated. For the latest documentation, see Microsoft Dynamics 365 product documentation. For the latest release plans, see Dynamics 365 and Microsoft Power Platform release plans.
Applies To: Microsoft Dynamics AX 2012 R3, Microsoft Dynamics AX 2012 R2
Note
This topic has not been fully updated for Microsoft Dynamics AX 2012 R2.
You can use the Tax journal form to transfer opening balances from ledger accounts to the General journal or to post the adjustment entries when you select the ledger account of another tax component in an offset account.
It is not mandatory to create a tax journal for sales tax.
Note
To create a line for a tax journal, the Sales tax check box must be selected in the General parameters form.
Click General ledger > Journals > General journal. Select or create a journal, and then click Lines. In the Journal voucher form, click Functions > Create tax journal.
Select the India sales tax in the Tax type field.
Note
The display of the sales tax registration number and the tax component is based on the type of tax selected in the Tax type field. If the type of tax in the Tax type field is changed to another tax type, the Tax ledger posting group field and the Tax registration number field will be cleared in the Tax journal form.
Select the tax ledger posting group for sales tax in the Tax ledger posting group field. View the tax registration number that is attached to the specified tax ledger posting group in the Registration number field.
Select the date of posting for the selected tax type in the To date field.
Press CTRL+N to create a new record for the tax journal.
Select the tax component in the Tax component field.
Select the ledger account that is defined for the tax ledger posting group, the sales tax registration number, and the tax component in the Account field.
Enter the amount of the tax in the Amount field. You must enter a negative value for a credit value and a positive value for a debit value.
Select the tax codes that the specified tax component is attached to in the Tax code field.
Click Transfer to transfer the information from the Tax journal form to the Journal voucher form.
Select the ledger account that the opening balance transaction is posted to in the Offset account field. If you have entered a negative amount in the Amount field in the Tax journal form, the tax amount is transferred to the ledger account that you specify in this field, and if you have entered a positive amount, the tax amount is subtracted from the ledger account.
Validate and post the journal. The excise record is updated with the journal details and the tax component amount.