Creating a VAT Reporting Rule


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Creating a VAT Reporting Rule

Enter the following:

Source

VAT Transaction Type

Financials Transaction Type

Tax Name

Line Type

VAT Reporting Box

Sign

Start and End Dates

Enabled Flag

Oracle Financials for Belgium displays lists of values for the following:

Active Sources

VAT Transaction Types

Financials Transaction Types

Tax Names

Line Types

VAT Reporting Boxes

Signs

QuickPicks for VAT Transaction Types and VAT Reporting Boxes are maintained in the Define Lookups window.

There are two special requirements for setup items in this window: one for GL transactions and the other for AR Transactions without TAX lines.

GL - TAX entries in General Ledger are recorded in a Descriptive Flexfield pop-up on the Journal Entry screen. Journal Entry Lines do not have a VAT Transaction Type or a Financials Transaction Type; set these to type N/A in VAT Reporting Rules.

Warning: Do not define multiple VAT Reporting Rules for GL VAT Boxes. Define one rule for TAX lines and one rule for TAXABLE lines, and use the default General Ledger Tax Name Standard.

AR - Transactions in AR have TAX details held on TAX Lines; however, you can enter Transaction Lines without entering a TAX line. In these cases, the TAX Name, for Globalizations Purposes, defaults to N/A; set up a VAT Reporting Rule to cater for this condition.

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