Hi Treasury experts,
I got one question regarding tagging of tax code to the interest income transaction.
Fyi, our company are going to implement 'goods and services tax (GST)' early April 2015.
There is requirement from auditor to tagged the interest income with tax code, eventhough all Treasury transactions does not subjected to tax, but still for exempted one, we still need to tag the interest income.
As u know, the interest income related transaction will be posted into GL upon maturity and accrual/deferral.
I've searched over internet for the solution and a bit confusing on which method should i use.
Fyi, the tax code that need to be tagged is 0% as it is exempted supplies (ES).
Is there any way that the tagging:
1. can be done automatically by the system?
2. user did not have to input tax code which they can remain input transaction as per current practise?
Your expertise and feedback on this is highly appreciated.