Overview

Tax is a type of financial records representing sales taxes on invoice. Tax is often calculated at invoice level. In rare cases, tax is itemized to each line-item.

For invoice level tax, Leapfin creates a separate Tax record. For line-item level tax, Leapfin recommends saving the tax information as parts of Line Item record.

📘

Tax Calculations

Leapfin assumes that tax amounts on invoices have already been accurately calculated based on jurisdiction regulations. Leapfin Platform does not contain capability to conduct complex tax calculation.

Creating a Tax

The following fields are required :

• objectType: type of financial record. For Tax, the value is "tax".

• id: unique identifier of this record. This is an external id received by Leapfin.

• amount: the amount of the tax. The amount should be non-negative.

• currencyCode: 3-digit ISO code of amount field, e.g. “USD”, "GBP", etc. This is the primary currency of this record

• date: the date-time of when this tax is created in billing system.

The following fields are optional but are commonly needed for creating journal entries.

• description: general description of the tax

• exchangeRates: a list of exchange rates used to calculate currency conversions

  • currencyCode: 3-digit ISO code, e.g. “USD”, "GBP", etc. This is the target currency of this record
  • rate: conversion rate from primary currency to target currency. i.e. amount in primary currency * rate = converted amount in target currency.

• links: directional relationships pointing from this Tax to other financial records. Tax is commonly linked to Invoice.

  • objectType: type of the target financial record, e.g. "invoice"
  • id: the unique identifier of the target financial record

• customFields: additional fields (i.e. key-value pairs) related to this record

Sample JSON Data

{
    "objectType": "tax",
    "id": "tax_001",
    "amount": 1.88,
    "currencyCode": "USD",
    "description": "a sample tax object",
    "date": "2021-01-16T11:28:31",
    "exchangeRates": [
      {
        "currencyCode": "EUR",
        "rate": 0.84
      },
      {
        "currencyCode": "GBP",
        "rate": 0.73
      }
    ],
    "links": [
      {
        "objectType": "invoice",
        "id": "invoice_001"
      }
    ],
    "customFields": {
      "field1": "value1",
      "field2": "value2"
    }
}

Query a Tax

Tax records are stored in VW_FT_TAX table. It can be accessed via Snowflake Data Sharing and Access.