Tax Interchange for Purchase Cards
DMA's Tax Interchange for Purchase Cards is an automated, end-to-end scalable and centralized tax solution for Purchase Cards. Level three data is often not provided at the time of order entry. The solution provides the ability to self-assess transaction tax where applicable based upon configurations within the tax solution through batch processing.
Tax Interchange for Purchase Cards was designed and development specifically for P-Card transactions. It allows the tax department to achieve a greater level of compliance through self-accruals of transaction tax. When necessary, DMA will collaborate with the P-Card vendor to add a tax line field and reason code, if applicable. You will realize reduced exposure from P-Card purchases and unavailable data.
Some of the benefits of using Tax Interchange for Purchase Cards include:
- Automation of self-accruals and review of vendor-charged transaction tax
- Centralized management and control
- Centralized monitoring and recording
- Configuration of tax policies and procedures to streamline the review process
- Control of taxability decisions
- Centralized reconciliation, reporting, and audit defense