Understanding VAT Processing in PeopleSoft Payables

PeopleSoft Payables enables you to record and report VAT information associated with vouchers. Before you can do this, you must set up your VAT environment and enable your business units for VAT.

The system calculates VAT based on the information you enter during setup (for example, VAT codes which determine the VAT rates that the system uses).

The system loads the VAT information on all your PeopleSoft Payables transactions and documents into the VAT transaction table and then into the VAT reporting tables, which you can use to create VAT returns and other VAT reports.

You set up VAT for PeopleSoft Payables and any other of your Oracle's PeopleSoft applications that process VAT transactions using the VAT and Intrastat components and pages. VAT setup and the associated system pages are described in detail in the PeopleSoft Global Options and Reports documentation.