Define Oracle Payables Tax Code


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Define Oracle Payables Tax Code

Contra Charging functionality requires that a VAT tax code be associated with the AP credit memo/invoice.

Standard menu path: Setup > Tax > Names
Responsibility: Oracle Payables

Define a new Tax Name of Contra, that has a Tax Type of VAT. The rate for this tax code must be zero. You may enter a description for this tax code, such as Contra VAT Rate. Enter the GL Account for this tax code, which should be your contra account, the revenue accounting flexfield that you have specified for the Contra transaction type in Oracle Receivables.

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