VAT Codes Fields Overview

VAT Code

The VAT code. Enter the VAT code in alphanumeric text without symbols or space.

Description

Description of the VAT code. Max. 100 character limit on this field

VAT Rate (%)

The VAT rate as a percentage.

Status

The status (Active or Inactive) of the VAT code. This field is based on the Effective Date.

Effective Date

Select the start date.

VAT Calculated Against

Select if the VAT rate applies to gross invoice amount (pre-retention) or net payment application amount (after-retention). Select from Net or Gross.

Code Type

Allows VAT codes to be grouped during the invoice assessment process. Choose from Standard and Self-Billing.