This module will not be further enhanced. Support is limited to defect fixing only.

Introduction to Tax Rectification Tool

This module provides a tax rectification tool to enable correction (reimbursement, recalculation, and amount forcing or tax reclaim) of the following taxes: French PFNL, Belgian TOB, Luxembourg FDR tax, Italian or Belgian WHT on accrued interest, and US tax, wherever applicable.

The rectification operation tool is a tool to rectify various country-specific taxes.

The rectification tool is applicable for various taxes, French tax, Belgian tax, Italian and Belgian tax on accrued interest, FDR tax, QI status.

Rectification Tool Operation

This functionality allows banks to use the rectification tool to generate rectification transactions without affecting the original transaction.

The following items have been introduced as part of this functionality:

• The TXRECT.RO.TRANSACTIONS application allows users to create a new rectification operation transaction.
• The TXRECT.RO.SELECTION application is used to enquire about the transactions on a given internal tax account and other selection fields.
• The TXRECT.RECTIFICATION.OPERATION enquiry contains the list of transactions selected based on the selections criteria given in the TXRECT.RO.SELECTION application.
• The TXRECT.QUERY.RO.TRANSACTIONS enquiry allows users to view, modify, delete or authorise rectification operation transactions.
• The TXRECT.QUERY.RT.TRANSACTIONS enquiry allows users to authorise or amend rectification transactions.
• The TXRECT.RO.TRANSACTIONS.AUTH enquiry allows users to reverse a rectification operation transaction.
• The TXRECT.RO.TRANSACTIONS.UNAUTH enquiry allows users to authorise a reversal.
• The TXRECT.RECLASSIFICATION.UNAUTH enquiry allows users to authorise the TXRECT.RO.TRANSACTIONS record.
• The TXRECT.RECLASSIFICATION.AUTH enquiry allows users to reverse a RO transaction reclassification.
• The SC.ADJ.TXN.UPDATE.TXRECT.UNAUTH enquiry allows users to authorise SC.ADJ.TXN.UPDATE records.

The following functionalities are provided by the Rectification Tool Operation feature:

• Perform rectification operations based on the selected transactions and the RO type.
• Create the respective rectification transaction.
• Create an adjustment entry for the difference amount.
• For reclassification, perform a rectification operation on an event and raise an adjustment entry.