What is 'tax amount' in SAP FI - Financial Accounting?

tax amount - Overview

• Component: FI

• Component Name: Financial Accounting

• Description: An amount that is posted as input tax, output tax or withholding tax, for example, and sent to the tax authorities.

tax amount - Details

• 
  Key Concepts: 
  Tax amount is a term used in SAP Financial Accounting (FI) to refer to the total amount of taxes that are due on a particular transaction. This includes any applicable sales tax, value-added tax (VAT), or other taxes that may be applicable. The tax amount is calculated based on the total amount of the transaction and the applicable tax rate. 
  
  How to use it: 
  In SAP FI, the tax amount is calculated automatically when a transaction is entered into the system. The user will need to enter the total amount of the transaction and select the applicable tax rate. The system will then calculate the total tax amount due on the transaction. 
  
  Tips & Tricks: 
  When entering a transaction into SAP FI, it is important to make sure that the correct tax rate is selected. This will ensure that the correct tax amount is calculated and that all taxes due are paid in full. 
  
  Related Information: 
  The tax amount can also be manually adjusted if necessary. This can be done by selecting the “Manual Adjustment” option in SAP FI and entering the desired tax amount. This can be useful if there are any discrepancies between the calculated tax amount and what is actually due.