What is Generated Taxes on Sales to be Paid and Consumption Tax in SAP FI-LOC - Localization?

SAP Term: Generated Taxes on Sales to be Paid and Consumption Tax

• Component: FI-LOC

• Component Name: Localization

• Description: A report format of Magnetic Media compliance report. In Colombia, the term is known as "Impuestos a las ventas por pagar e impuesto al consumo".

Smart SAP Assistant

• Key Concepts: 
  Generated Taxes on Sales to be Paid and Consumption Tax Component is a feature of SAP FI-LOC Localization. This feature allows users to calculate taxes on sales and consumption that must be paid to the relevant authorities. It also allows users to track the taxes that have been paid and the taxes that are still due. 
  
  How to use it: 
  To use this feature, users must first set up the relevant tax codes in the system. This includes setting up the tax rates, tax types, and other relevant information. Once this is done, users can then enter the sales and consumption data into the system. The system will then automatically calculate the taxes that must be paid and generate a report for the user to review. 
  
  Tips & Tricks: 
  It is important to ensure that all of the tax codes are set up correctly in order for this feature to work properly. Additionally, it is important to regularly review the generated reports to ensure that all taxes have been paid on time. 
  
  Related Information: 
  This feature is part of SAP FI-LOC Localization, which is a suite of tools designed to help companies comply with local taxation laws. Other features of this suite include Tax Calculation, Tax Reporting, and Tax Reconciliation.