Setting Up VAT for Properties and Units

Access either the Building Additional Details Maintenance form or the Maintain Unit VAT form.

Information that you set up for a unit overrides any information that you set up for a property.

Valid From

Enter the date on which the VAT tax record becomes effective for the specified property. The system automatically updates this field with the date that you set up in the building record. You can override the date, if desired.

Waive Tax Exemption

Specify whether the property is exempt from VAT tax.

If you select this check box, the property is not exempt from VAT tax. The system enables the tax fields so that you can specify the tax explanation code and tax rate area to use for billing and expense transactions.

If you do not select this check box, the property is exempt from VAT tax. The system automatically completes the tax fields with the default values from the Additional Company Constants that are specified for the company that is assigned to the property.

Changes Effective From

Enter the date that new tax information becomes effective. The system automatically generates a new record using the date that you enter in this field as the effective date for the new record.

Billing Tax Code

Enter a VAT tax explanation code from UDC table 00/EX that the system uses to calculate the tax amounts for billing transactions, including manual, recurring, interest and fees, and expense participation.

Billing Tax Rate

Enter the tax rate area to retrieve the tax rate to calculate the tax amounts for billing transactions, including manual, recurring, interest and fees, and expense participation.

Expense Tax Code

Enter a VAT tax explanation code from UDC table 00/EX to calculate the tax amounts for expense transactions, including vouchers, purchase orders, and journal entries with VAT.

Expense Tax Rate

Enter the tax rate area from which the system will retrieve the tax rate to use to calculate the tax amounts for expense transactions, including vouchers, purchase orders, and journal entries with VAT.

Address Number

Enter the address book number of the contact person for the property.

Asset Number

Enter the asset number to cross-reference the property to the JD Edwards EnterpriseOne Fixed Assets system.

Note: The following field is available on the Maintain Unit VAT form.

Update Unit Address Details

Specify whether to update the unit record in the Unit Master table (F1507) with the address information entered in the Address Number field.

If you select this check box, the system updates the unit record with the address book number.

If you do not select this check box, the system does not update the unit record with the address book number.