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Administrator Guide
Last Updated: 2024-12-13
Set Up Company Tax IDs for Financial Transactions

Set Up Company Tax IDs for Financial Transactions

Security:
  • Set Up: Company General
     domain in the Common Financial Management functional area.
  • Set Up: Payroll - Company Specific (Accounting)
     domain in the Core Payroll functional area.
You can configure multiple country-specific tax and business identification numbers for your companies. You can then automatically use the appropriate tax identification numbers in transactions to comply with regulatory requirements.
  1. Access the
    Edit Company Tax Details
     task.
  2. As you complete the
    Tax IDs
     tab, consider:
    Option Description
    Country for Tax ID Type
    The prompt displays only the countries with Workday-delivered tax ID types.
    Tax ID Type
    The prompt displays Workday-delivered tax ID types for the country that you specify.
    Transaction Tax ID
    Select this check box to include this identification number on financial transactions, like customer invoices and purchase orders. Workday reports the
    Transaction Tax ID
     on purchase orders when you select both the
    Transaction Tax ID
     and
    Primary Tax ID
     checkboxes for a tax ID.
    If you don’t select
    Transaction Tax ID
     for any of the identification numbers you configure, financial transactions report the Primary Tax ID.
    Example: You configure 2 Tax IDs for your company. You select
    Transaction Tax ID
     for 1 of them. Workday includes that Tax ID as the Transaction Tax ID on any invoices and purchase orders you generate for that company.
    Tax IDs don't display on supplier invoices or purchase orders. Use reports to view the tax IDs on supplier invoices and purchase orders.
    Primary Tax ID
    Select to indicate this identification number as the Primary Tax ID for your business entity.
    If you didn’t select
    Transaction Tax ID
     for any of the identification numbers you configured, Workday finds and uses the
    Primary Tax ID
     .
    If you configured neither a Transaction Tax ID nor a Primary Tax ID for the business entity, no tax ID is used on financial transactions, except for customer invoices where you selected
    Transaction Tax ID Required
    . You're unable to complete the customer invoice without configuring a Transaction Tax ID.
  • Maintain tax ID groupings for countries that require more than 1 tax ID on customer or supplier invoices.
  • Configure transaction tax account posting rules for your company.