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Microsoft

MB-310 · Question #417

A company configures Dynamics 365 Finance to collect and report sales tax from customers. The company calculates the sales tax amount needed to pay a vendor for taxable items and expenses. The…

The correct answer is A. Add a tax code to the tax group with the use tax option set to Yes. C. Create a new tax group for the use tax G. Configure the use tax payable for the main account into the ledger posting group. [AC] The Use tax option needs to be selected in the Sales tax code in the Sales tax group to post [G] Set up Ledger posting groups for sales tax Sales tax is calculated and posted to main accounts that are specified in Ledger posting groups. Ledger posting groups are attached…

Implement and manage accounts payable and expenses

Question

A company configures Dynamics 365 Finance to collect and report sales tax from customers. The company calculates the sales tax amount needed to pay a vendor for taxable items and expenses. The company is required by law to accrue and pay use tax. You add a new vendor in an existing region. You need to configure the system to accrue use tax for the new vendor. Which three actions should you take? Each correct answer presents part of the solution, NOTE: Each correct selection is worth one point

Options

  • AAdd a tax code to the tax group with the use tax option set to Yes.
  • BCreate a new tax code for the use tax.
  • CCreate a new tax group for the use tax
  • DCreate a new settlement period for the use tax.
  • ECreate a new tax authority for the use tax
  • FAdd a tax code to the item sales tax group.
  • GConfigure the use tax payable for the main account into the ledger posting group.

How the community answered

(20 responses)
  • A
    75% (15)
  • D
    5% (1)
  • E
    15% (3)
  • F
    5% (1)

Explanation

[AC] The Use tax option needs to be selected in the Sales tax code in the Sales tax group to post [G] Set up Ledger posting groups for sales tax Sales tax is calculated and posted to main accounts that are specified in Ledger posting groups. Ledger posting groups are attached to each sales tax code. You can set up individual ledger posting groups for each sales tax code, use one ledger posting group for all sales tax codes or assign multiple ledger posting groups to the sales tax codes. https://learn.microsoft.com/en-us/dynamics365/finance/general-ledger/tasks/set-up-ledger- posting-groups-sales-tax

Topics

#use tax#tax group#ledger posting group#sales tax configuration

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