Thomson Reuters has announced the integration of Microsoft Dynamics GP business solution with the ONESOURCE™ Indirect Tax solution.
Thomson Reuters ONESOURCE Indirect Tax Integration for Microsoft Dynamics GP offers mid-to-large sized businesses a simple, easy-to-deploy solution for calculating U.S. sales tax, Canadian Goods and Services Tax (GST) and other Canadian provincial sales taxes (PST). By connecting the ONESOURCE Indirect Tax cloud-based solution to Microsoft Dynamics GP enterprise resource planning (ERP) software, customers no longer need to maintain their own tax schedules and details, independently research tax laws or manually enter tax rates.
This integration allows users to transport financial transaction data from Microsoft Dynamics GP to the ONESOURCE Indirect Tax engine, which automatically evaluates each invoice line and calculates the appropriate tax. Tax result data is automatically returned to GP for planning and reporting. This enables customers to stay compliant, avoid penalties and audits and improve tax calculation accuracy while achieving company-wide efficiency at a lower cost of compliance.
“In a constantly evolving tax landscape that features over 15,000 tax authorities in the U.S., each with their own complex set of requirements, the integration of ONESOURCE Indirect Tax solution with Microsoft Dynamics GP helps customers seamlessly navigate a world of complexity,” said Gary Allen, vice president of technology for ONESOURCE Indirect & Property Tax at Thomson Reuters. “This automation gives customers confidence in their compliance reporting regulations.”
“Microsoft is committed to reinventing productivity through our own solutions and in working with other vendors to help businesses and individuals achieve more,” said Gordon Macdonald, director of Microsoft Business Solutions. “The combination of Microsoft Dynamics GP with Thomson Reuters ONESOURCE offers an easy to use and powerful solution for tax professionals.”
Some of the features of the ONESOURCE Indirect Tax Integration to Microsoft Dynamics GP include:
- Support for U.S. and Canadian Taxes: Tax calculations for U.S. sales and Canadian GST, PST, harmonized sales tax (HST) and Quebec sales tax (QST) are seamlessly executed.
- Tax Calculations in Project Accounting: Project accounting documents, such as fees, equipment and time entry, are collected during cycle billing, and taxes are calculated at the time of billing/invoicing or during billing entry. Tax estimates are automatically added to the project accounting documents and then transferred to the corresponding invoice.
- Address Validation: To ensure correct tax calculations, an automatic address validation and cleansing call is made each time a customer address is maintained, ensuring the most accurate tax determination possible, with timelier, more cost-effective shipments of goods.
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Tags: Accounting, Auditing, Technology
