Reconciling Procurement Card Transactions Manually

This section discusses how to:

Review and approve procurement card transactions.
Defining account distributions.
Define statement line purchase order details.
Enter statement line tax information.
Split statement lines.
Use distribution templates.
View tax information for a distribution.
View VAT line information.

Pages Used to Reconcile Procurement Card Transactions Manually

Page Name	Definition Name	Navigation	Usage
Reconcile Statement Search	CC_RECON_SRCH	select Purchasing, then select Procurement Cards, then select Reconcile, then select Reconcile Statement, then select Reconcile Statement Search	Enter search criteria for the procurement card transactions you want to reconcile.
Reconcile Statement - Procurement Card Transactions	CC_RECON_WB	Click the Search button on the Reconcile Statement Search page.	Review, manage, and approve procurement card transactions loaded by the Load Statement process. You can view all of the procurement card transactions that you have been granted authority to access on the Cardholder Profile - Card Data: Assign Proxies page.
Reconcile Statement - Merchant Details	CC_RECON_MERCHANT	Click the Merchant Name link on the Reconcile Statement - Procurement Card Transactions page.	Review merchant or preferred supplier cross-reference information.
ProCard VISA Trans Detail Reconcile Statement - Visa Transaction Details	CC_RECON_VISA	Click the Line Details button for a Visa transaction on the Reconcile Statement - Procurement Card Transactions page.	View the details of the Visa transaction.
ProCard MasterCard Trans Reconcile Statement - MasterCard Transaction Details	CC_RECON_MC	Click the Line Details button for a MasterCard transaction on the Reconcile Statement - Procurement Card Transactions page.	View the details of the MasterCard transaction.
Reconcile Statement - MasterCard Transaction Details	CC_RECON_MC_5300CU	Click the Show Details button for a corporate card line item detail associated with a MasterCard transaction on the ProCard MasterCard Trans Reconcile Statement - MasterCard Transaction Details page.	View the details associated with the MasterCard transaction.
Reconcile Statement - Master Card Financial Adjustment Transaction Details	CC_RECON_MC5900	Click the Show Detailsbutton for a corporate card line item detail associated with a MasterCard In the Adjustment Transactions – Type 5900 grid on the ProCard MasterCard Trans Reconcile Statement MasterCard Transaction Details page	View details of adjustment transactions associated with the MasterCard transaction. Note: The Adjustment Transactions – Type 5900 grid on the ProCard MasterCard Trans Reconcile Statement MasterCard Transaction Details page appears only if Load Level 3 Data (Purchasing) check box is selected.
Reconcile Statement - Line Comments	CC_RECON_COMMENT	Click the Comments button on the Reconcile Statement - Procurement Card Transactions page.	Enter comment text that remains with the associated procurement card transaction line.
Reconcile Statement - Account Distribution	CC_TRANS_DIST	Click the Distribution button on the Reconcile Statement - Procurement Card Transactions page.	Split accounting distributions or override defaults for a statement line. The key difference between this page and the Distribution Templates/Reset Status page is that this page affects one statement line at a time.
Credit Card Distribution VAT	CC_TRANS_DIST_VAT	Click the Distribution VAT button on the Reconcile Statement - Account Distribution page.	View the distribution VAT details that are associated with your procurement card transactions.
Reconcile Statement - Purchase Details	CC_RECON_PO	Click the Purchase Order link on the Reconcile Statement - Procurement Card Transactions page.	(Optional) Define any purchasing attributes applicable to a statement line.
Sales/Use Tax	CC_TRANS_SUT	Click the Sales/Use Tax link on the Reconcile Statement - Purchase Details page.	Enter optional tax information related to the statement line. This data is not passed to PeopleSoft General Ledger and is for informational purposes only.
Category Search	CAT_SEARCH_SEC	Click the Category Search link on the Reconcile Statement - Purchase Details page.	Search for and select an appropriate category ID for the item when entering an ad hoc item. The search for the category ID is done using a category hierarchy tree.
View Category Hierarchy	CAT_PARENTAGE_SEC	Click the View Hierarchy link on the Reconcile Statement - Purchase Details page.	View information about where a category resides in the entire catalog tree hierarchy.
Purchase Order Pick List	CC_POPICKLIST	Click the PO Pick List link on the Reconcile Statement - Purchase Details page.	Select a purchase order from a list of candidates that meet the criteria specified on the Procurement Card Load Statement Options page.
Reconcile Statement - Split Transaction	CC_RECON_SPLIT	Click the Split Line link on the Reconcile Statement - Procurement Card Transactions page.	Enter a description to supplement level-one information given by your card provider or split the original statement line into multiple lines where you can record details of each item purchased. To split accounting lines or override default values only, use the Reconcile Statement - Account Distribution page.
Reconcile Statement - Distribution Template	CC_RECON_TEMPLATE	Click the Distribution Template link on the Reconcile Statement - Procurement Card Transactions page.	Change accounting distributions for all of the selected lines at once. You might use this feature to assign the same SpeedChart to several statement lines from a particular merchant.
Credit Card Transaction Line VAT	CC_TRANS_LINE_VAT	Click the Line VAT button on the Reconcile Statement - Procurement Card Transaction page.	View the VAT line details that are associated with your procurement card transactions.
Account Summary	RUN_POY8050	select Purchasing, then select Procurement Cards, then select Reports, then select Account Summary	Run one of these multiprocess jobs: Purchase Summary by Issuer (POY8050) which will generate the Purchase Summary by Issuer report (POX8050), Purchase Summary by Merchant (POY8051) which will generate the Purchase Summary by Merchant report (POX8051), or Purchase Summary by Employee (POY8052) which will generate the Purchase Summary by Employee report (POX8052)
Purchase Details	RUN_POY8030	select Purchasing, then select Procurement Cards, then select Reports, then select Purchase Details	Run one of these multiprocess jobs: Purchase Detail by Issuer (POY8030) which will generate the Purchase Detail by Issuer report (POX8030), Purchase Detail by Merchant (POY8031) which will generate the Purchase Detail by Merchant report (POX8031), or Purchase Detail by Employee (POY8032) which will generate the Purchase Detail by Employee report (POX8032)

For Information on Reports SeePeopleSoft Purchasing Reports

Reconcile Statement Search Page

Use the Reconcile Statement Search page (CC_RECON_SRCH) to enter search criteria for the procurement card transactions you want to reconcile.

Navigation

select Purchasing, then select Procurement Cards, then select Reconcile, then select Reconcile Statement, then select Reconcile Statement Search

Image: Reconcile Statement - Procurement Card Transactions

This example illustrates the fields and controls on the Reconcile Statement - Procurement Card Transactions. You can find definitions for the fields and controls later on this page.

Transaction

Merchant

Click the linked merchant name to access the Reconcile Statement - Merchant Details page. Use this page to view the source of the purchased goods.

Click the Line Details button to access the ProCard VISA Trans Detail Reconcile Statement - Visa Transaction Details or ProCard MasterCard Trans Reconcile Statement - MasterCard Transaction Details pages. Use these pages to view the details for the Visa or MasterCard transaction.

Note: The Line Details button is only available when load level 3 data is on when loading with Visa or MasterCard data files.

Click the Comments button to enter comments for the reconcile statement line.

Click the Distribution button to access the Reconcile Statement - Account Distribution page, where you can modify the account distribution for a procurement card.

ChartField Status

Displays the status of the ChartField edits.

Billing

Select the Billing tab.

Description

Enter additional information about the goods purchased.

Billing Amount

Displays the amount billed on the statement line.

Prepaid Ref (prepaid reference)

Displays the prepayment voucher associated with the transaction.

Dispute Amount

If your records disagree with the billing amount, enter the amount difference. This does not mean that your organization is not liable for the purchase, but rather acts as a notation that the user reconciling this account must follow up with the merchant or procurement card supplier to settle the disputed amount. If you enter an amount, the statement line is visible on the Review Disputes - Dispute page until it has been identified as collected.

Credit Collected

Displays the status of the disputed amount. If clear, the dispute is still open. If selected, the dispute has been identified as collected or closed on the Review Disputes - Dispute page.

VAT

Select the VAT tab.

Physical Nature

Displays whether the purchased item is a good or service.

VAT Entity

Displays the VAT entity associated with PeopleSoft General Ledger business unit from the PeopleSoft Purchasing business unit.

Entered VAT Amount

Displays the amount of VAT included on the statement line.

VAT Calculated Amount

Displays the amount of VAT that the system calculates.

Claiming Tax Credit

Indicates whether the statement line is to be used as proof for recovery of VAT. This field is automatically selected if statements issued by the card provider are defined as approved VAT receipts for the VAT reporting country. If you select this field, no additional VAT receipt is required to enable VAT recovery and rebate amounts to be calculated. If this field is not selected, you must indicate that a separate VAT receipt is available to enable the calculation of VAT recovery and rebate amounts.

No VAT Receipt

If the Claiming Tax Credit check box is not selected, this field indicates whether a separate VAT receipt is available as proof for recovery of VAT. Select this field to indicate that no VAT receipt is available. This causes zero VAT recovery and rebate amounts to be recorded.

Click the Line VAT button to navigate to the Credit Card Transaction Line VAT page to review and possibly change the line VAT information.

Updating Transaction Status

You can change the status of a card transaction for individual lines or for many lines in mass.

To update the status of an individual line, select a value in the Status field.

To update the status for multiple lines at once, click the check box next to each line and use the buttons at the bottom of the Reconcile Statement - Procurement Card Transactions page to change the status to the appropriate value. You have authority to change statuses based on your procurement card roles and access rights granted to those roles defined on the Procurement Card Access Rights page.

Performing Budget Validation on Transactions

There are two ways to perform budget validation against transactions on this page if you are using commitment control. You have the option to perform budget validation on all the transactions when you save the page or you can select transactions and then perform budget validation on those transactions when you click the Validate Budget button.

Note: The Run Budget Validation on Save check box and the Validate Budget button only appear on this page if you are using commitment control for procurement cards.

Run Budget Validation on Save

Select to indicate that you want the system to initiate the Comm. Cntrl. Budget Processor (commitment control budget processor) Application Engine process (FS_BP) when you save the page. This page initiates the Comm. Cntrl. Budget Processor process but only a portion of the processing (budget validation) within that process is performed. This process validates the existing budget rows for the ChartField combinations associated with the procurement cards. This process has no budgetary impact nor does it validate remaining budget balances and finds errors in the ChartField combinations before they are found downstream in accounts payable.

After budget validation is finished, the system will change the budget status on the transactions to either Valid or Error.

Validate Budget

After you select one or more transactions click this button to initiate the Comm. Cntrl Budget Processor process. By clicking this button you initiate the Comm. Cntrl. Budget Processor process but only does a portion of the processing (budget validation) within that process is performed. This process validates the existing budget rows for the ChartField combinations associated with the procurement card. This process has no budgetary impact nor does it validate remaining budget balances.

When you click this button, the page will indicate that the process is being performed. The page will flash "processing" until the process has finished performing the budget validation for the document. After the process is finished, the system will change the budget status on the transactions to either Valid or Error.

Note: You can still click this button for specific transactions even if the Run Budget Validation on Save check box is selected.

Reconcile Statement - Account Distribution Page

Use the Reconcile Statement - Account Distribution page (CC_TRANS_DIST) to split accounting distributions or override defaults for a statement line.

The key difference between this page and the Distribution Templates/Reset Status page is that this page affects one statement line at a time.

Navigation

Click the Distribution button on the Reconcile Statement - Procurement Card Transactions page.

Unit Price

Displays the cost of the item purchased on the selected statement line.

SpeedChart

Select a predefined distribution template to apply to the statement line.

ChartFields

You can manually override the distribution information for the statement line by changing any of the distribution field values in the scroll area.

Note: Once a purchase order is referenced by procurement card transactions you are no longer able to modify the ChartFields or liquidate method on this page.

Note: If the procurement card transaction is associated with a PeopleSoft Maintenance Management work order you are not able to modify the PeopleSoft General Ledger business unit, project related fields (PeopleSoft Project Costing business unit, project, and activity), and asset information.

Details/Tax

Select the Details/Tax tab.

SUT Applicable (sales and use tax applicable)

Tax method applied to the statement line. Appears by default from the Sales/Use Tax page.

Sales/Use Tax % (sales and use tax percentage)

Tax percentage that the system uses to calculate the use tax for the statement line.

Use Tax

Calculated tax amount for the statement line. Appears by default from the Sales/Use Tax page.

Reconcile Statement - Purchase Details Page

Use the Reconcile Statement - Purchase Details page (CC_RECON_PO) to (Optional) Define any purchasing attributes applicable to a statement line.

Navigation

Click the Purchase Order link on the Reconcile Statement - Procurement Card Transactions page.

Original PO

The value of this field is Y (yes) if the purchase order ID came from a transaction on the bank statement. If the purchase order ID is missing or is generated by the system during the Auto Recon process, the value in this field is N (no). You can only modify the purchase order related data if the field value is N.

PO ID

Displays the purchase order number associated with the statement line. This purchase order number is either an original purchase order on the bank statement, one that is populated by the system during the auto reconciliation process, or entered directly by the cardholder.

Note: Once a purchase order has been vouchered it is unavailable for selection on this page. If this credit card has never been used on purchase orders, then all qualified purchase orders will be listed in the prompt. However, if this credit card has been used on purchase orders, then only those purchase orders paid by this card will be available in the prompt.

PO Line

Displays the line number of a purchase order.

PO Sched (purchase order schedule)

Displays the schedule number of a purchase order.

Supplier ID

Select a Supplier ID for either a 1099 merchant or non-1099 merchant. At times, a procurement card may be used to purchase services from a 1099 merchant. Identifying the 1099 merchant as an authorized supplier ensures that you establish a valid tax reporting ID for the supplier. You can also set up suppliers that are non-1099 merchants. Identifying the non-1099 merchant supplier may be useful when renegotiating corporate contracts with a supplier.

Location

Select the location address for the supplier.

Item ID

For reporting, select an item ID that represents the internally classified part number for goods purchased with the procurement card.

Maintenance WO (maintenance work order)

If the purchase order selected is associated with a PeopleSoft Maintenance Management work order the fields in this section will appear. You can modify the work order information that appears on this page or you can enter the work order information using this page.

WO Business Unit (PeopleSoft Maintenance Management business unit)

Select the PeopleSoft Maintenance Management business unit associated with the work order you want to associate with the procurement card transaction.

Work Order ID

Select the work order you want to associate with the procurement card transaction.

Task Number

Select the task number associated with the work order.

Resource Type

Select the resource type associated with the work order. Types are: Labor, Material, and Tools.

Resource Line No. (resource line number)

Select the resource line number associated with the work order.

After you enter the work order information, the system will populate the account distributions on the Reconcile Statement - Account Distributions page based on the work order distribution template.

Sales/Use Tax Page

Use the Sales/Use Tax page (CC_TRANS_SUT) to enter optional tax information related to the statement line.

This data is not passed to PeopleSoft General Ledger and is for informational purposes only.

Navigation

Click the Sales/Use Tax link on the Reconcile Statement - Purchase Details page.

Tax Applicability

Select the tax applicability for the statement line. Most procurement card purchases typically use the sales or use tax method. Values are:

Direct Pay: Use tax is not calculated on the purchase order. The invoice is not created with use tax, but a line is written to the general ledger for the amount that the buyer pays directly to the state.

The use tax amount is calculated and displays on the Sales/Use Tax Information For Schedule page and the Sales/Use Tax Details For Distribution page. The use tax amount will not display on the Maintain Purchase Order - Purchase Order page or the PO Total Amount Details page.

Exempt: Item purchased is exempt from sales and use tax.

Exonerated: Buyer does not have to pay sales tax. Tax is not calculated on the purchase order and PeopleSoft Payables does not pay taxes.

Sales Tax: Calculate and apply sales tax on the purchase order.

Use Tax: Calculate and apply use tax on the purchase order.

Tax Destination

Select the location code of the final destination where the purchased goods are to be used. The system calculates sales and use tax amounts based on this information.

Tax Code

Enter the tax code. The tax code determines tax rate (or the sales and use tax code percent) used in the tax calculation.

SUT Code Pct (sales and use tax code percentage)

If you do not know the SUT destination or the tax code, you can enter the tax percent for the transaction.

Use Tax

If you entered the correct tax code information or SUT code percentage, it calculates and displays the use tax.

Reconcile Statement - Split Transaction Page

Use the Reconcile Statement - Split Transaction page (CC_RECON_SPLIT) to enter a description to supplement level-one information given by your card provider or split the original statement line into multiple lines where you can record details of each item purchased.

To split accounting lines or override default values only, use the Reconcile Statement - Account Distribution page.

Navigation

Click the Split Line link on the Reconcile Statement - Procurement Card Transactions page.

Image: Reconcile Statement - Split Transaction page

This example illustrates the fields and controls on the Reconcile Statement - Split Transaction page. You can find definitions for the fields and controls later on this page.

Description

Enter text describing the purchase reflected on the line. You may want to state what item was actually purchased.

Billing Amount

If you have split the transaction by description and want to split the line by amount as well, enter the appropriate amounts in this field for each line. However, the amounts must add up to the original amount.

Percentage

If you have split the transaction by description and want to split the line by percentage as well, enter the appropriate percentages in this field for each line. However, the percentages must add up to 100%.

Reconcile Statement - Distribution Template Page

Use the Reconcile Statement - Distribution Template page (CC_RECON_TEMPLATE) to change accounting distributions for all of the selected lines at once.

You might use this feature to assign the same SpeedChart to several statement lines from a particular merchant.

Navigation

Click the Distribution Template link on the Reconcile Statement - Procurement Card Transactions page.

SpeedChart

Select the SpeedChart to assign to the distributions of all selected statement lines. Alternatively, you can manually assign distributions for all selected lines by entering distribution information.

Credit Card Transaction Line VAT Page

Use the Credit Card Transaction Line VAT page (CC_TRANS_LINE_VAT) to view the VAT line details that are associated with your procurement card transactions.

Navigation

Click the Line VAT button on the Reconcile Statement - Procurement Card Transaction page.

Expanding and Collapsing Sections

To manage your VAT data more efficiently, you can expand and collapse sections to this page, which makes it easier for the user to manage.

Expand All Sections

Click the expand button to scroll to and access every section on the page. You can also expand one or more sections by clicking the arrow next to the section's name.

Collapse All Sections

Click to collapse all sections displaying only the header information. If you expand one or more sections, you can click the arrow next to the section's name to collapse the section.

Physical Nature

Displays the default physical nature for transactions. Values are: Goods or Services.

VAT Locations

Ship From Country

Displays the supplier ship from location country. In the case of transactions involving goods or freight service transactions, this determines the VAT treatment.

Ship From State

If the ship from country is defined as tracking VAT by state or province, it displays the supplier ship from location state. In the case of transactions involving goods or freight service transactions, this determines the VAT treatment.

Ship to Country

Displays the ship to location country. In the case of transactions involving goods or freight service transactions, this is used to determine the VAT treatment.

Ship to State

If the ship to country is defined as tracking VAT by state or province, it displays the ship to location state. In the case of transactions involving goods or freight service transactions, this is used to determine the VAT treatment.

VAT Defaults

Service Type

If the transaction is for a service, it displays the VAT service type of Freight or Other. The value in this field determines whether or not the special rules for freight transport within the European Union apply. The default value comes from the PeopleSoft Purchasing VAT defaulting hierarchy.

Place of Supply Driver

If the transaction is for a service, it displays the usual place of supply (such as the place where VAT is usually liable) for the service. This value helps to determine the place of supply country and the VAT treatment. Values are: Buyer's Countries, Supplier's Countries, or Where Physically Performed. The default value comes from the PeopleSoft Purchasing VAT defaulting hierarchy.

Reporting Country

Displays the country for which this VAT is to be reported. This is the VAT Entity VAT registration country and determines many of the VAT defaults.

Defaulting State

If the reporting country requires that VAT be tracked by state or province, this field displays the state within the reporting country that is used to retrieve values from the VAT Defaults table.

Supplier Registration Country and Supplier Registration ID

Displays the registration country and ID of the supplier.

Exception Type

Displays the exception granted to the VAT entity. Values are: None, Exonerated, or Suspended. This value is specified on the VAT entity registration.

Certificate ID

If applicable, displays the ID of the VAT exception certificate that may have been issued to the VAT entity.

Calculate at Gross or Net

Indicates how VAT is calculated. Values are:

Gross: The system calculates VAT before it applies any early payment discounts.

Net: The system calculates VAT after it deducts early payment discounts. If there are two percentage discounts, the system uses the larger of the two when it calculates VAT. The system does not use discount amounts, only discount percentages.

The default value comes from the VAT entity registration driver.

Recalculate at Payment

Select this check box to enable the recalculation of VAT at payment time to allow for any early payment discounts, if you are calculating VAT at gross. This causes the system to adjust the VAT amount at the time of payment if the discount has been taken. This is set on the VAT entity registration driver.

Declaration Point

Displays the declaration point for a good or service when you want VAT transaction information to be recognized for reporting purposes. Values are:

Invoice: VAT is recognized at time of invoice.

Payment: VAT is recognized at time of payment.

Delivery: VAT is recognized on delivery.

This value may be set at several levels in the VAT hierarchy: VAT entity registration, business unit options, supplier, or supplier location.

Rounding Rule

Displays the VAT rounding rule. The value comes from the VAT country, VAT entity, supplier or supplier location drivers. Values are:

Natural Round: Amounts are rounded normally (up or down) to the precision specified for the currency code. For example, for a currency defined with two decimal places, 157.4659 would round up to 157.47, but 157.4649 would round down to 157.46.

Round Down: Amounts are rounded down. For example, for a currency defined with two decimal places, 157.4699 would round down to 157.46.

Round Up: Amounts are rounded up with a rounding precision to one additional decimal place. For example, for a currency defined with two decimal places, 157.4659 would round up to 157.47, but 157.4609 would round down to 157.46.

Use Type

Determines the split between recoverable (taxable) and nonrecoverable (nontaxable) VAT.

For Canadian public sector, the use type also determines the rebate of the nonrecoverable VAT. VAT rebates are calculated based on statutory rebate rates that are established for each public service body.

The value comes from the VAT defaulting hierarchy, either from the item, item business unit, item category, supplier location, supplier, or purchasing options.

Include Freight

If selected, the system includes any freight amounts in the VAT basis by calculating VAT on the merchandise amount, plus any freight amount. This option is only available for exclusive VAT calculation. The value comes from the VAT entity registration driver.

Include Miscellaneous

If selected, the system includes any miscellaneous charge amounts in the VAT basis by calculating VAT on the merchandise amount, plus any miscellaneous charge amount. This option is only available for exclusive VAT calculation. The value comes from the VAT entity registration driver.

No VAT Receipt

Domestic Reverse Charge Goods

Select whether to indicate that the goods on transaction lines associated with the VAT driver are domestic reverse charge goods.

Place of Supply Country

Displays the country in which the VAT is liable. An algorithm determines the default value.

Treatment

Displays the VAT treatment. Complex algorithms determine the VAT treatment. Values are:

Domestic Goods Purchase: If the ship from and ship to countries are the same, and the supplier is registered for VAT, the transaction is treated as domestic.

Domestic Service Purchase: If the buyer and seller are both located in the country where the VAT is liable, the transaction is treated as domestic

EU Goods Purchase: If the ship from and ship to countries are different, the system determines whether both countries are located within the European Union. If so, the system looks at the VAT registration for each trading partner to determine whether the transaction should be treated as an intra-European Union purchase, domestic, or outside the scope of VAT.

EU Service Purchase: If each trading partner is located and registered in different European Union countries, and the VAT on a service is liable in the buyer's country, the transaction is treated as a self-assessed European Union services purchase.

Self-Assess Goods Import: If the ship from country is different from the ship to country and either or both of the countries are located outside of the European Union, and the supplier is not registered in the ship to country, the transaction would be treated as an import. If the flag on the entry in the VAT Country table for the VAT reporting country indicates that VAT on imports should be self-assessed, the transaction is treated as a self-assess goods import, and both input and output VAT are recorded.

Self-Assess Service Import: If each trading partner is located and registered in different countries, and the VAT on a service is liable in the buyer's country, the transaction is treated as a self-assessed services import.

Zero-rated Goods Import: If the ship from country is different from the ship to country and either or both of the countries are located outside of the European Union, and the supplier is not registered in the ship to country, the transaction would be treated as an import. If the flag on the entry in the VAT Country table for the VAT reporting country indicates that only input VAT should be recorded on imports, the transaction is to be treated as a zero-rated goods import.

Outside of Scope: If the supplier is not registered for VAT, or if the VAT is liable in a country other than the VAT reporting country, the transaction is treated as outside the scope of VAT.

No VAT Processing: For transactions where the physical nature is goods, if the ship to country has not been defined as a VAT country and the VAT reporting country on the transaction is blank, no VAT information is recorded.

Within PeopleSoft detail, VAT treatment values on the transaction lines are used to apply the precise defaults applicable to the transaction lines. The treatment is determined based the rules that are applicable to the transaction.

Applicability

Displays the VAT status. Values are:

Taxable

Exempt (not subject to VAT)

Outside of Scope of VAT

Suspended

Exonerated

Not Applicable (valid only when VAT treatment is no VAT processing)

VAT Code

Displays the VAT code that defines the rate at which VAT is calculated for this line.

Tax Rate

Displays the rate at which the transaction is charged VAT.

Transaction Type

Displays the code that categorizes and classifies this transaction for VAT reporting and accounting.

Adjust/Reset VAT Defaults

Any changes that you make to fields on this page may affect VAT defaults on this page. For accuracy and consistency, use the following fields to adjust affected VAT defaults or to reset all VAT defaults. Adjusting or resetting VAT defaults only affects fields within the VAT Defaults group box.

Adjust Affected VAT Defaults

Click this button to have the system adjust the VAT defaults that are affected by your changes. All changes that you have made to VAT defaults on this page that affect other VAT defaults on this page are retained.

Click the i button to list the fields that are to be adjusted.

Note: PeopleSoft recommends that you always click the Adjust Affected VAT Defaults button after changing any defaults on the VAT page.

Levels

Use to specify the levels to reset when you click the Reset All VAT Defaults button. Values are:

All lower levels: Resets all VAT defaults at lower levels for this page.

This and all lower levels: Resets all VAT defaults on this page and at any lower levels of this page.

This level only: Resets all VAT defaults on this page.

Reset All VAT Defaults

Click to have the system reset the VAT defaults based on the levels value that you selected. Any changes that you have previously made to VAT defaults is lost.

Note: Reset all VAT Defaults completely redetermines the VAT defaults. This does not necessarily mean that they are reset to their original values. For example, the user may not have changed any VAT default values, but if a VAT driver field changes, reset redetermines all of the defaults based on the new driver value.

VAT Calculations

Basis Amount

Displays the amount on which the VAT is calculated in the transaction currency. If VAT is being calculated at net, this amount is net of any discounts.

Calculated Amount

Displays the system calculated VAT amount in the transaction currency.

Override VAT Amount

Displays the amount of VAT stated on the credit card statement.

This is the amount transmitted by the merchant on the inbound credit card statement. This amount is compared to the system-calculated VAT amount. If the override VAT amount is outside of the calculated VAT amount, plus the VAT tolerance amounts defined on the VAT driver tables for procurement cards, an exception is noted in the field for the tax dispute amount.