Property Tax Management

Vendor setup and Tax Payments

You need to create vendor cards for property tax in order to have separate vendor ledger entries and to make payments via payment journal selecting relevant Vendor No.

The "Vendor type" field shall be set as "Tax authority" for such vendors. This will help with filtering by vendor type.

If GL account for property tax type is set as separate account, then you need to create separate Vendor Posting Group including appropriate Payables GL account.

Tax payments are made via Payment Journal. Select Vendor No per property tax on Payment Journal line, other related fields will be filled in automatically based on Vendor Posting Group setup.

Upon posting Payment Journal line, General Ledger Entries and General Ledger Correspondence entries are created.