Main Contractor Information
Project Currency
The currency in which payment applications are paid.
Project Translation
Choose the country and language combination for the project.
Project bond Information
Add information about a bonding institution.
Unit Billing Option
Choose whether to hold the Unit Price or the WB total at a constant rate.
VAT Rate Description
A name given to the VAT rate in which your organisation will adhere to for your projects.
VAT Rate
The percentage in which the VAT Rate is configured. This determines how much of a payment application is paid towards the VAT for tax purposes.
VAT Rate Effective Date
The date the VAT rate should first be applied to payment applications.
Allow DRC Contracts
Select this setting to enable to creation of VAT Domestic Reverse Charge (DRC) subcontracts. Create DRC-eligible contracts to remain in compliance with your local VAT jurisdictional requirements when DRC is required.
VAT Domestic Reverse Charge (DRC)
Only available when the Allow DRC Contracts setting is enabled. Enter a percentage rate for DRC. When you create a DRC-eligible subcontract, the VAT calculation will use this rate instead of the percentage defined by standard VAT Rate on your Project Settings page.
Last Published Wednesday, July 10, 2024