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Administrator Guide
Last Updated: 2023-06-23
Create Tax Declaration Components

Create Tax Declaration Components

Security:
Set Up: Tax
 domain in the Common Financial Management functional area.
You can configure tax declaration components to use on tax declaration definitions. These components determine how:
  • Workday returns values on tax declaration lines.
  • Different tax declaration components function and relate to each other.
Example: You create a
Calculation
-type component to calculate the difference between the values of 2 other tax declaration components:
Option
Description
Name
VAT Collected Minus VAT Paid
Tax Declaration Component 1
VAT Collected
Operator
Subtract
Tax Declaration Component 2
VAT Paid
You can't change some fields on a component when:
  • A tax declaration definition uses the component.
  • A tax declaration that uses that definition is
    In Progress
     or
    Approved
    .
  1. Access the
    Create Tax Declaration Component
     task.
  2. As you select a
    Component Type
    , consider:
    Option Description
    Accumulation
    Select to accumulate total amounts from tax-relevant transactions.
    Calculation
    Select to perform a mathematical operation on 2 other tax declaration components.
    Numeric Constant
    Select to enter a number to either:
    • Display directly on a tax declaration line.
    • Use in a
      Calculation
      -type component to modify the value of another component.
    Text Constant
    Select to enter a text string that you can use on a tax declaration definition.
    Example: You use a
    Text Constant
    -type component on the tax declaration definition to display
    Sales Tax Collected
     as a section header on a tax declaration.
    Total
    Select to calculate the sum of 1 or more
    Accumulation
    -,
    Calculation
    -, or
    Total
    -type components.
  3. As you complete the task, consider:
    Option Description
    Tax Type
    (
    Accumulation
    -type components only.)
    Determines your options in these prompts:
    • Transaction Type
    • Amount to Accumulate
    VAT on Payment
    (
    Accumulation
    -type components only.)
    Select to accumulate transactions that use
    VAT on Payment
    .
    Leave unchecked to accumulate transactions that don't use
    VAT on Payment
    .
    Tax Declaration Report Date
    (
    Accumulation
    -type components only.)
    Select the type of date Workday uses to determine which transactions to include when you run the tax declaration.
    To use the tax point date, select the
    Enable Tax Point Date Configuration for Transaction Taxes
     check box on the
    Edit Tenant Setup - Financials
     task.
    Tax Declaration Time Frame
    (
    Accumulation
    -type components only.)
    Current Period
     includes transactions that are within the start and end dates of the tax declaration.
    Prior Periods
     includes transactions that are within the
    Number of Intervals Prior
     and
    Date Interval
     on the tax declaration definition. Workday includes transactions through the last day of the period before the start date of the tax declaration run.
    Example:
    • On the tax declaration component, you select
      Prior Periods
       as the
      Tax Declaration Time Frame
      .
    • On the tax declaration definition, you select
      Month
       as the
      Date Interval
       and
      2
       as the
      Number of Intervals Prior
      .
    • When you create a tax declaration, you select
      2018-03-01
       as the start date.
    • The tax declaration includes transactions from 2018-01-01 to 2018-02-28.
    Reverse Sign When Result is Negative
    (
    Calculation
    -type components only.)
    To e-file VAT returns in the United Kingdom, select this check box on the component corresponding to box 5 on the VAT 100 form.
    Rounding
    Truncate to Whole Number
    To e-file VAT returns in the United Kingdom, select
    Truncate to Whole Number
     and a
    Rounding
     option for the components corresponding to boxes 6 through 9 on the VAT 100 form.
    Rounding determines how Workday converts decimals to whole numbers:
    • Round up
      : Round away from zero.
    • Round down
      : Round toward zero.
    • Round
      : Round to the nearest value, rounding up from .5.
    • Round half down
      : Round to the nearest value, rounding down from .5.