Setting VAT parameters
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This page allows you to set the process parameters for the “Value Added Tax” business process chain.
Select the “Set Parameters – VAT” link from the “Company Parameter Setup” business component.
The “Set Parameters – VAT” page appears.
Enter the following fields in the “Process Parameters” group box:
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Distribution of charges/discounts on gross amount |
Use the drop-down list box to specify whether charges and discounts must be distributed on the gross amount. You can select from “Yes” or “No”. The system displays “No” by default on launch of the page. |
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VAT amount calculated on gross amount |
Use the drop-down list box to specify whether VAT must be calculated on the gross amount. You can select from “Yes” or “No”. The system displays “No” by default on launch of the page. |
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VAT applicable on foreign currency cash discounts |
Use the drop-down list box to specify whether VAT is applicable on foreign currency cash discounts. You can select from “Yes” or “No”. The system displays “No” by default on launch of the page. |
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Duplicate VAT codes allowed |
Use the drop-down list box to specify whether duplicate VAT codes are allowed. You can select from “Yes” or “No”. The system displays “No” by default on launch of the page. |
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Default Years From Financial Calendar |
Use the drop-down list box to specify whether years must be defaulted from the financial calendar. You can select from “Yes” or “No”. The system displays “No” by default on launch of the page. |
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Default Periods from Financial Calendar |
Use the drop-down list box to specify whether periods must be defaulted from the financial calendar. You can select from “Yes” or “No”. The system displays “No” by default on launch of the page. |
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Allow modification of calculated VAT (Sales cycle) |
Use the drop-down list box to specify whether VAT calculated for “Sales Cycle” can be modified. You can select from “Yes” or “No”. The system displays “No” by default on launch of the page. |
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Tolerance (%) for VAT Amount Correction |
The limit in percentage, beyond which the VAT amount correction is required (Decimal). The value entered must be greater than “0”. |
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Tolerance (Flat) for VAT Amount correction |
The flat rate, beyond which the VAT amount correction is required (Integer). The value entered must be greater than “0”. |
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Maximum VAT % allowed |
The maximum percentage of VAT allowed (Decimal). The value entered must be greater than “0”. |
Enter the following fields in the “Function Defaults” group box:
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Euro Registration ID |
The code identifying the Euro registration account (Alphanumeric, 40). |
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Tax Authority ID |
The code identifying the Tax authority (Alphanumeric, 40). |
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Org. Unit for VAT Calendar/Closure/Declaration |
Use the drop-down list box to select the organization unit to which the VAT Calendar, Closure, Declaration postings must be accounted. The system lists all the “Active” organization units as defined in the “Organization Setup” business component. |
Enter the following fields in the “VAT Registration IDs” multiline:
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ISO Country Code |
The code identifying the ISO country (Alphanumeric, 3). Data entry is mandatory, if “VAT Registration ID” is entered. |
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VAT Registration ID |
The code identifying the VAT registration account (Alphanumeric, 40). Data entry is mandatory, if “ISO Country Code” is entered. |
Click the “Set” pushbutton to set the parameters for Value Added Tax.
The system saves the process parameters and also updates the login ID of the user and the system date.
