Description

A tax is a type of accounting record representing a financial charge or levy imposed by a government on individuals, businesses, or other entities to fund public expenditures and government operations. Taxes are compulsory contributions that individuals and businesses are required to pay, and they come in various forms. In Leapfin, a tax record represents sales taxes on an invoice. Tax is typically calculated at the invoice level; however, 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 part of the line item record.

Tax calculations

Leapfin assumes that tax amounts on invoices have already been accurately calculated based on jurisdiction regulations. Leapfin cannot conduct complex tax calculations.

Tax records are displayed in Leapfin as follows:

Tax record creation

Leapfin captures the following standard and custom fields when creating tax records. These fields ensure that all necessary data is recorded as transactions flow in from your integrated payment processor(s), allowing you to make data-driven decisions and create precise accounting rules based on your accounting policies.

While the tables below describe the general data fields that comprise this record type, there may be nuances based on your integrated payment processor. For information on how these fields are mapped for each specific integration, see the Data section of the Help Center.

Standard fields

In Leapfin, each tax record is comprised of the following standard data fields:

Standard fields	Description

Standard fields	Description
`objectType`	The target accounting record. For example, the `objectType`for a tax record is tax.
`id`	The unique identifier for the record. This is an external id received by Leapfin from your payment processor.
`amount`	The amount of the purchased goods or services, excluding tax and discount. This value should be non-negative.
`currencyCode`	The 3-digit ISO code of the `amount` field, such as USD or GBP. This code indicates the primary currency of this record.
`date`	The date and time the tax was created in the billing system.

Optional fields

Leapfin can also bring in the following optional fields to use for reporting, determining journal entry logic, and configuring specific journal entries:

Custom fields	Description

Custom fields	Description
`description`	A description of the tax.
`exchangeRates`	A list of exchange rates used to calculate currency conversions. Each rate contains the following values: `currencyCode`: The 3-digit ISO code of the `amount` field, such as USD or GBP. This code indicates the primary currency of this record. `rate`: The conversion rate from primary currency to target currency (`amount` in primary currency * `rate` = converted amount in target currency).
`links`	The directional relationships that point from this record to other financial records. Tax records are commonly linked to invoice records. Leapfin adds links with the following fields: `objectType`: The target accounting record. `id`: The unique identifier for the target record.
`customFields`	The additional fields that relate to this record.

{
    "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 tax records in your data warehouse

Tax records are stored in the VW_FT_TAX data table of your connected data warehouse. Reference the following articles for detailed information on setting up your database and querying tax records:

Product Documentation

Tax records

Table of contents

Description

Tax record creation

Standard fields

Optional fields

Query tax records in your data warehouse

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