Korean tax laws require special reports on taxes and dues paid and prepaid expenses. This report has to display the payee and the description of the transaction.

The Taxes and Dues List is the summary list of the taxes and dues paid by the company during the year. The Prepaid Expenses List is the detail of prepaid expenses.

In the default Korean Chart of Accounts CAKR, special accounts have been created for these types of transactions such as the accounts 13030100 - 13030500 for prepaid expenses. Post prepaid transactions to one of these accounts. In the posting line, enter the data to be displayed in the Prepaid Expenses List. This includes the payee in the reference 3-field of the document and a description of the transaction in the text field of the line item, which you post on the G/L account Prepaid Expenses.

For the Prepaid Expense list, execute the report RFUMSV44 and click the radio button to ‘Prepaid expenses’. Enter the G/L accounts used for the posting of Prepaid Expenses. You can make further selections concerning the posting date, the numbers of the posted documents, etc.

For the Taxes and Dues list, execute the report RFUMSV44 and click the radio button to ‘Taxes and Dues’. The selection screen is the same as for the Prepaid Expense list. Enter the G/L accounts used for the posting of Taxes and Dues and make further selections concerning the posting period and so on.