Tax Rates

Download Guide

Introduction

Real Estate Manager includes the ability to add tax rates and calculate taxes for contracts. Users can upload tax rates within the Administration workspace. Once Tax Rates have been uploaded, they will appear in the Tax Rate drop-down when entering a contract. 

Uploading Tax Rates

Users may upload new Tax Rates and download existing Tax Rates within the Administration workspace.

Tax Template

By downloading the Tax Template, users may update or add new Tax Rates to Real Estate Manager. Users may also update/add Tax Names or add new Tax Jurisdictions. The template includes a tab with detailed instructions that should be reviewed prior to populating the template.

Column	Field Name	Description	Validation/Valid Values/Format
A	JurisdictionName	The name of the tax authority that imposes the tax. This is typically the country name but could also include the state or province. (Example: Australia or US – Arizona)	Alphanumeric (255)
B	JurisdictionCode	An abbreviated version of the JurisdictionName. (Example: AUS or US-AZ)	Alphanumeric (10)
C	TaxName	The name of the category of tax. (Example: GST, GST-Exempt, etc.)	Alphanumeric (100)
D	NewTaxName	Used to rename an existing TaxName.	Alphanumeric (100)
E	TaxRate	Percentage used as a multiplier at which the cost line item is taxed.	Numeric (Total Digits = 8, Precision = 6 to the right of the decimal)
F	StartDate	First date the TaxRate is effective.	MM/DD/YYYY
G	EndDate	Last date the TaxRate is effective.	MM/DD/YYYY

Uploading Tax Template

Follow the steps below to upload new Tax Rates for existing Jurisdictions.

1. Navigate to the Administration workspace from the Top NavBar.

2. Go to the Tax Rates tile.

3. To upload new Tax Rates, start by clicking the Download existing tax rates hyperlink. This will download a template that may be used to upload the new Tax Rates.

4. In the template, find the JurisdictionName and TaxName you want to add a new Tax Rate for.

5. Populate the TaxRate field.

6. If you are entering a single TaxRate for a JurisdictionName and TaxName, do not populate a StartDate or EndDate.

7. When there are multiple TaxRates for any JurisdictionName and TaxName, follow these guidelines:

   1. The StartDate for the first TaxRate should be left blank and a specific EndDate must be entered.    

   2. The StartDate for the next TaxRate must be the day following the EndDate of the previous TaxRate. If this is the last TaxRate, the EndDate should be left blank; otherwise, a specific EndDate must be entered.                    

   3. Ensure that the StartDate of the first TaxRate and the EndDate of the last TaxRate are both blank when entering multiple TaxRates.

   4. The StartDate cannot be later than the EndDate.    

      
      

8. Save your template.

9. Navigate back to the Administration workspace and the Tax Rates tile.

10. Click Browse.

11. Select your saved template. Once you select the template, the system will start the Tax Upload process. It’s important that you do not close the window while the upload is processing.

12. Once the upload is complete, you will see information populated in the Upload details and Audit logs sections.

Adding a New Jurisdiction

There may be times when users need to add new Tax Jurisdictions that are not in Real Estate Manager. This can be done using the same Tax Template downloaded from the Tax Rates tile within the Administration workspace. Follow the steps below to add a new Jurisdiction.

1. Navigate to the Administration workspace from the Top NavBar.

2. Go to the Tax Rates tile.

3. To upload new Jurisdictions, start by clicking the Download existing tax rates hyperlink. This will download a template that may be used to upload the new Jurisdictions.

4. Populate the JurisdictionName field with the name of the new Tax Jurisdiction. Ensure that it is not the same as any existing JurisdictionName.

   Note: JursidictionCode must be less than 255 characters.

5. Populate the JurisdictionCode field.

   Note: JursidictionCode must be less than 10 characters.

6. Populate the TaxName with the relevant tax category for the Tax Rate for this Jurisdiction.

   

   Note: When adding a new Jurisdiction, it is required to add a TaxName called No Tax with a TaxRate of 0.000000.
   

7. If you are entering a single TaxRate for a JurisdictionName and TaxName, do not populate a StartDate or EndDate.

8. When there are multiple TaxRates for any JurisdictionName and TaxName, follow these guidelines:

   1. The StartDate for the first TaxRate should be left blank and a specific EndDate must be entered.    

   2. The StartDate for the next TaxRate must be the day following the EndDate of the previous TaxRate. If this is the last TaxRate, the EndDate should be left blank; otherwise, a specific EndDate must be entered.                    

   3. Ensure that the StartDate of the first TaxRate and the EndDate of the last TaxRate are both blank when entering multiple TaxRates.

   4. The StartDate cannot be later than the EndDate.    

      
      

9. Save your template.

10. Navigate back to the Administration workspace and the Tax Rates tile.

11. Click Browse.

12. Select your saved template. Once you select the template, the system will start the Tax Upload process. It’s important that you do not close the window while the upload is processing.

13. Once the upload is complete, you will see information populated in the Upload details and Audit logs sections.

Validations Related to JurisdictionName and No Tax

• The same JurisdictionCode cannot have different JurisdictionNames.

  
  

• TaxName of No Tax cannot be renamed.

• TaxName of No Tax cannot have a TaxRate other than 0%.

• Any existing TaxName cannot be renamed to No Tax.

Validations Related to Existing Tax Rates and Dates

• Any existing TaxRates cannot be deleted.

• If there are multiple TaxRates for any JurisdictionName and TaxName, please ensure that dates under StartDate and EndDate are not overlapping each other.

Uploading a New Tax Name for an Existing Jurisdiction

Follow the steps below to add a new TaxName for an existing Jurisdiction.

1. Navigate to the Administration workspace from the Top NavBar.

2. Go to the Tax Rates tile.

3. To upload new Tax Names for existing Jurisdictions, start by clicking the Download existing tax rates hyperlink. This will download a template that may be used to upload the new Tax Names.

4. In the template, find the JurisdictionName you want to add a new TaxName for.

   
   

5. Populate the TaxName field.

   Note: For existing Jurisdictions, use the TaxName field not NewTaxRate.

6. If you are entering a single TaxRate for a JurisdictionName and TaxName, do not populate a StartDate or EndDate.

7. When there are multiple TaxRates for any JurisdictionName and TaxName, follow these guidelines:

   1. The StartDate for the first TaxRate should be left blank and a specific EndDate must be entered.    

   2. The StartDate for the next TaxRate must be the day following the EndDate of the previous TaxRate. If this is the last TaxRate, the EndDate should be left blank; otherwise, a specific EndDate must be entered.                    

   3. Ensure that the StartDate of the first TaxRate and the EndDate of the last TaxRate are both blank when entering multiple TaxRates.

   4. The StartDate cannot be later than the EndDate.    

      
      

8. Save your template

9. Navigate back to the Administration workspace and the Tax Rates tile.

10. Click Browse.

11. Select your saved template. Once you select the template, the system will start the Tax Upload process. It’s important that you do not close the window while the upload is processing.

12. Once the upload is complete, you will see information populated in the Upload details and Audit logs sections.

Renaming a Tax Name

Follow the steps below to change the Tax Name of an existing TaxName.

1. Navigate to the Administration workspace from the Top NavBar.

2. Go to the Tax Rates tile.

3. To update the Tax Names for existing Jurisdictions, start by clicking the Download existing tax rates hyperlink. This will download a template that may be used to update the Tax Names.

4. In the template, find the JurisdictionName and TaxName you want to update.

5. Populate the NewTaxName field with the updated Tax Name. You must keep the existing Tax Name populated in the TaxName field.

   

   Note: If you are adding multiple Tax Rates for the New Tax Name, you must use the same NewTaxName for all entries. You may not use an existing Tax Name for that Jurisdiction when entering a NewTaxName.
   

6. If you are entering a single TaxRate for a JurisdictionName and TaxName, do not populate a StartDate or EndDate.

7. When there are multiple TaxRates for any JurisdictionName and TaxName, follow these guidelines:

   1. The StartDate for the first TaxRate should be left blank and a specific EndDate must be entered.    

   2. The StartDate for the next TaxRate must be the day following the EndDate of the previous TaxRate. If this is the last TaxRate, the EndDate should be left blank; otherwise, a specific EndDate must be entered.                    

   3. Ensure that the StartDate of the first TaxRate and the EndDate of the last TaxRate are both blank when entering multiple TaxRates.

   4. The StartDate cannot be later than the EndDate.    

      
      

8. Save your template.

9. Navigate back to the Administration workspace and the Tax Rates tile.

10. Click Browse.

11. Select your saved template. Once you select the template, the system will start the Tax Upload process. It’s important that you do not close the window while the upload is processing.

12. Once the upload is complete, you will see information populated in the Upload details and Audit logs sections.

General Validation Information

If the upload is fails, user may look in the Update details section for specific reasons for the failure.

• The Sheet Line No. identifies the row number in the file that caused the validation error.

• The Message column identifies the specific validation error.

If they upload is successful, the Status in the Update details section will be Successful, and the Message will state Successfully added/updated all taxes.

Additionally, if the upload is successful, the Audit logs section will be updated with relevant details.

• The log contains information for each successful upload.

• New entries will include details about updated Tax Rates or Jurisdictions.

Note: If users are editing existing Tax Rates effective from a specific effective date, they must manually add reviews for every impacted contract. Custom reports will be available to help users identify impacted contracts due to changes in Tax Rates. Please see the steps below for updating reviews.

Payment Changes When Tax Rates Are Updated

Scenario: You’ve updated your Tax Rates based on a specific effective date and any payments on contracts associated with that Tax Rate need to be updated.

If you have updated the Tax Rate from a specific effective date in the system, then you must add a Fixed Amount review with the review date being the same as the effective date of the Tax Rate. Once the contract is saved, synchronize the contract with Lease Accounting Manager. This will ensure the tax amounts are calculated based on the appropriate Tax Rates resulting in the accurate tax amount on invoices and payments.

1. Search for your contract by entering the Contract Reference number in the Top Search Bar.

2. Once in the Asset and on the Contracts tab, select Lease Variation from the Actions drop-down.

   
   

3. Click Perform Action.

4. In the Lease Variation pop-up, select the Date change was known.

   

   Note: This should be the effective date of the Tax Rate change.
   

5. Click Lease Variation.

6. In the next Lease Variation pop-up, click Add Review in the Review section.

   
   

7. In the pop-up, select Fixed Amount Review as your Review Type.

   
   

8. In the Add Review pop-up, input the effective date of the tax rate change as the Review Date. This should be the same date you chose for the Date change was known of the lease variation.

   

9. Leave Review State as Pending.

10. Click Select Cost to Review.

11. Select All Costs then click Okay.

12. Select the Jurisdiction, tax rate and enter the payment amount. Click the Calculator in the payment amount field which will populate the tax amount.

13. Enter any relevant Notes.

14. Click Okay.

15. Back on the Lease Variation pop-up, the Fixed Amount Review should be present.

16. Click Action for the review you just entered.

17. In the Action Review pop-up, verify the Review Date and Effective Date.

18. Click in the Payment Amount field and change as necessary to reflect the accurate payment amount.

19. Click the Calculator icon to ensure per annum population and the tax amount.

20. Click Okay.

21. Click Save on the Lease Variation pop-up and then click Close on the successful confirmation pop-up.

22. To synchronize the contract, go to Management from the Top NavBar and select Lease Accounting Synchronization Management.

23. Once in the Lease Accounting Synchronization Management workspace, click Next twice to get to step 3 of 4.

24. In Step 3 are a list of contracts that have been submitted but are pending approval. Find the relevant Contract Reference number and click the blue Review and Approve hyperlink.

25. Verify all information is correct in the pop-up and click either Approve, or if there is incorrect or missing data, click Decline.

26. If approved, click Next to go to Step 4. If declined, corrections need to be made within the contract.

27. Check the box next to the Contract that has been approved and is ready to be synchronized. You may check multiple boxes if you have multiple Contracts ready to synchronize.

28. Click Complete Synchronization Process to initiate the synchronization. When synchronization is complete, a confirmation box will appear at the top of the workspace indicating how many contracts were successfully synchronized. Once successfully synchronized, no further action is required in Lease Accounting Manager and the status within Real Estate Manager will change to VARY LEASE  – Synchronized.