A company has recently deployed Microsoft Dynamics 365 Finance.You have been hired as a Systems Administrator.Your role will include the management of the Dynamics 365 system.
You need to configure the sales tax functionality in Dynamics 365 Finance.
You have created the main accounts and set up the ledger posting groups for sales tax.
Which of the following actions should you perform next?
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A. B. C. D.B.
As a Systems Administrator, after creating main accounts and setting up ledger posting groups for sales tax in Dynamics 365 Finance, the next step should be to set up sales tax codes. Therefore, the correct answer is option C.
Sales tax codes are used to define the tax rates that apply to different products or services. A sales tax code is linked to a ledger posting group, which defines the accounts that are affected by transactions using the sales tax code.
Once the sales tax codes are set up, sales tax groups can be created. Sales tax groups are used to group sales tax codes together for reporting purposes. They can be set up based on various criteria, such as tax jurisdictions, product categories, or customer groups.
Sales tax authorities are the entities responsible for collecting and administering sales tax. Setting up sales tax authorities involves defining the information required to report sales tax to the relevant authorities, such as tax identification numbers and filing requirements.
Finally, sales tax reporting codes are used to define the information that needs to be reported for each sales tax group. This includes details such as the tax authority, tax code, and tax rate.
In summary, the correct order for setting up sales tax functionality in Dynamics 365 Finance is: