Tax Periods: Implementation Activity

By performing the following implementation activity, you will learn how to configure tax periods for a particular tax agency and branch.

Attention:
This activity is based on the U100 dataset. If you are using another dataset, or if any system settings have been changed in U100, these changes can affect the workflow of the activity and the results of the processing. To avoid any issues, restore the U100 dataset to its initial state.

Story

Suppose that the Muffins & Cakes company has to file excise taxes every quarter to the tax agency starting from 1/1/2024.

Acting as an accountant of the Muffins & Cakes company, you need to configure set up quarterly tax periods for this company.

Process Overview

On the Tax Periods (TX207000) form, you select the company and the tax agency for which you want to set up tax periods different from the default ones and complete the configuration.

Initial Steps

  1. Launch the MYOB Acumatica website, and sign in to a company with the U100 dataset preloaded. To sign in as an administrator, use the following credentials:
    • Username: gibbs
    • Password: 123
  2. On the Company and Branch Selection menu, also on the top pane of the MYOB Acumatica screen, make sure that the Muffins Head Office and Wholesale Center branch is selected. If it is not selected, click the Company and Branch Selection menu to view the list of branches that you have access to, and then click Muffins Head Office and Wholesale Center.

Step 1: Configure Tax Periods and Tax Year

  1. Open the Tax Periods (TX207000) form.
  2. In the Summary area of the form, specify the following settings:
    • Company: MUFFINS
    • Tax Agency: NYTAXDEP
    • Tax Year: 2024
    • Start Date: 1/1/2024 (inserted by default)
    • Tax Period Type: Quarter
  3. In the table, review the list of tax periods generated by the system.
  4. Click Save to save the changes.