Prerequisites

VAT countries

Set up the appropriate value-added-tax (VAT) defaults and reporting options, and associate these defaults and options with business units or VAT-driven entities.

See VAT Defaults Setup Page.

See Understanding VAT.

(AUS) Australia

Before processing asset revaluations, ensure that these conditions have been set up for Australia:

• Select the Create Accounting Entries check box for the accounting book that you are using on the Business Unit/Book Definition page in the Asset Management Business Unit Definition component.

  See Understanding Asset Management Business and Cash Generating Units.

• Set up the appropriate book definition for Australia on the Assets Books page.

  See Business Unit/Book Definition Page.

• Verify that cost type R (revaluation) is available on the Cost Types page and set as the Revaluation process.

  See Defining Asset Attributes.

• Add new accounts for Provision for Revaluation (Equity) and Reversal of Depreciation (Expense). Do this on the Accounts page in the Design ChartFields component.

  See Understanding PeopleSoft ChartField Configuration.

• Define a set of accounting entry template IDs for each SetID that is affected by revaluation, and define accounting entry templates for each category of asset that is affected by the revaluation using cost type R on the Accounting Entry Template page.

  These are necessary to generate accounting entries.

  See Defining Accounting Entries.

• Run the detailed Net Book Value report by category (AMDP2100).

  This is not required, but is recommended.

(CAN) Canada

Set up the following conditions to calculate CCA reporting for Canada:

• Set up or modify CCA tax classes on the Tax Class page and specify the CCA percentage rate.

  Asset pools or classes and CCA rates are set by governmental regulations. In the year that assets are acquired, use 50 percent of the normal rate. The value that you enter for an asset tax class for the CCA rate percent is used later when you run a process to calculate the CCA rate.

• On the Asset Book Definition - Book Tax page, select the tax guideline class that reflects the CCA tax class to which the asset belongs.

See (CAN, IND, and USA) Defining and Maintaining Tax Classes.

(FRA) France

Set up the following conditions for France:

• Establish your statutory book in the Business Unit/Book definition component.

  See Understanding Asset Management Business and Cash Generating Units.

• To create accounting entries that include the derogatory accounts required by France, set up an accounting entry template ID with the derogatory feature selected.

• Define asset profiles as business tax applicable by selecting the Business Tax check box in the Asset Profile component.

• Define asset books as business tax applicable by selecting the Business Tax check box in the Asset Book Definition component.

See Understanding Tax Processing and Reporting.

(DEU) Germany

Set up the following tables to process tax and depreciation for Germany:

• Establish capitalization limit codes for low-value assets.

• Create a user-defined Staffel depreciation method.

• Define special depreciation terms for accelerated depreciation and associate the terms at the asset or book level.

See Understanding Tax Processing and Reporting.

See Understanding Depreciation Processing.

(IND) India

Set up the following tables to process tax and depreciation for India:

• Asset blocks

  Define assets blocks that are equivalent to the tax block in India.

• Tax classes

  Set up or modify India tax classes on the Tax Class page and specify the asset block and the tax percentage rate.

  Tax class is used to define tax rates by group for processing tax and depreciation in India. The tax group is a subcategory of the tax block in India.

• Tax/report entities

  Define the tax/report entity. The tax/report entity comprises one or more business units. Tax reporting is disclosed per entity for India.

See Understanding Tax Processing and Reporting.

See User Preferences - Overall Preferences Page.

(JPN) Japan

Set up the following tables to process tax and depreciation for Japan:

Set up the overall options for user preferences (OPR_DEF_TABLE_FS1) in the Common Definitions component:

Set the Localization Country value to JPN (Japan), which enables the JPN Info (Japan information) link in the Define Business Units component for Asset Management.

See Understanding Asset Management Business and Cash Generating Units.