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In OMNI Taxes are used in the following processes:
Tax Type
The Tax Type determines which Taxes are used/applicable in which OMNI processes. The following Tax Types are pre-defined in OMNI:
When creating Tax Item a Tax Type must be chosen to define where the Tax Item is used. Tax Types cannot be changed and are fixed for an OMNI installation. The list of Tax Types are visible at:
Tax Group
A Tax Group is used to define the type of the Tax Item. Tax Groups are required for every Tax Item to ensure that they are displayed in the Tax Register Reports - that display the Tax amount paid for any Vendor Bill and the Tax Collected against any Client Bill.
Tax Groups can be changed or added as per the prevailing statutory requirement. Tax Groups can be viewed, added, changed in the same Menu Option as Tax Types.
Tax Master
The Tax Master is the list of Tax Items defined in OMNI that are used in the processes mentioned above. The Tax Master can be accessed through:
The List of Tax Items defined are:
The Ledger that the Tax Entries should be booked into should be one of the following types:
TDS
TDS of Tax Deduction at Source is applicable when a Vendor Payment is made. The list of TDS sections (i.e. rates and purpose for which the payment is being made) is defined in:
Dependind on Statutory changes new TDS sections (or updates) maybe applied.