Transaction Processing and Reporting

PeopleSoft Receivables has the following transaction processing and reporting capabilities:

• Supports multiple VAT accounting entries per pending item.

• Moves VAT liability from an intermediate VAT account to a final VAT account at payment time (when using a Payment declaration point).

• Adjusts VAT liabilities at the time of payment for write-offs, discounts, drafts, direct debits, and bank receipts.

• Adjusts VAT liabilities, as needed, for advance payments and on-account payments.

• Rounds VAT amounts based on rules that you define.

  You can apply different rounding rules for each VAT country and override the default rounding options for each VAT entity, customer, or transaction. The rounding options are:

  • Normal rounding (to the nearest unit).

    For example, the system rounds down all values less than .49 and rounds up all values greater than or equal to .50.

  • Rounding up.

  • Rounding down.

The rounding options apply to VAT amounts in both the item VAT header and the individual VAT lines. The system adjusts any discrepancies between the VAT header amount and the total of the VAT lines in the larger of the two amounts.

The Payment Predictor process (ARPREDCT) calls the common VAT defaulting routines to update the VAT default values for prepayments and on-account items that it creates. If an error occurs, the process creates a payment worksheet so that you can correct the invalid information online.