Thomson Reuters has released ONESOURCE Indirect Tax Integration for Microsoft Dynamics AX, connecting the company’s sales tax and VAT software with Microsoft’s enterprise accounting product.
The integration connects ONESOURCE Indirect Tax, which is used by thousands of multinational corporations to estimate U.S. and Canadian sales taxes, with Microsoft Dynamics AX. The cloud-based software handles tax rate calculation, research, reporting and returns. The system receives automatic tax rate updates for over 16,000 taxing authorities in 175 countries. The tax rate calculator allows users to test, save and rerun transaction scenarios. Address validation features use U.S. Postal Service-certified data to cleanse and verify addresses to confirm accurate tax calculation and shipment.
Exemption management features enable electronic collection and storage of all exemption and resale certificates, allowing for instant access and automated control. Reporting features offer access to more than 40 canned and ad-hoc reports.
Separately, Thomson Reuters also said Wednesday it has added the latest Uniform Guidance audit requirements to PPC’s SMART Practice Aids – Single Audit to help auditors meet the requirements for single audits for government and nonprofit organizations. The new requirements are generally effective for years ending Dec. 25, 2015 and later.
The system automatically walks auditors through the complexities of the new rules, thresholds, and associated calculations, while providing guidelines to follow based on engagement and award dates. It also streamlines the single audit process of assessing risks and determining which programs should be audited, as well as creating forms, schedules, and compliance audit programs.
Earlier this week Thomson Reuters also announced the addition of leasing data functionality to Thomson Reuters ONESOURCE Property Tax, a web-based property tax software system. The added functionality streamlines the data import process for leasing customers and facilitates reconciliation to reduce the risk of user error when managing and maintaining leased asset data.
New features include leasing-specific application settings that automate location ID and account setup, allowing users to change settings and control how locations and accounts are created and filed.
Enhanced asset import options allow the import of asset data with related location and lessee data within a single import file, as well as address normalization and assessing jurisdiction lookup.
A location and lessee/lessor comparison feature uses normalized address information to monitor asset movement, removing the users’ responsibility to manually analyze asset movement.