Method and system for processing tax pertaining to a goods and services transaction
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United States of America Patent
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Feb 15, 2011
Issued Date -
N/A
app pub date -
May 19, 2005
filing date -
May 19, 2004
priority date (Note) -
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status (Latency Note)
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Abstract
A method and system for processing tax pertaining to a transaction between a seller and buyer. The transaction triggers a tax due to a tax imposing jurisdiction (TIJ). The transaction has been authorized to be financed for the tax due to the TIJ by a financing network. First transaction data fields are received as data that includes an indication of the tax due to the TIJ and is sufficient for determining the tax due to the TIJ. Second transaction data fields are generated as a copy of the first transaction data fields. A tax transaction identification is assigned to the transaction and appended to the second transaction data fields. An audit and verify process is performed on the second transaction data fields. Results of the audit and verify process are merged into the second transaction data fields. The second transaction data fields are transferred to a transaction data warehouse.
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