VAT in PeopleSoft Receivables

PeopleSoft Receivables enables you to record and report VAT information associated with items.

Important:

Although PeopleSoft Receivables records and verifies VAT amounts, it does not derive the original tax amounts unless you enter items directly in PeopleSoft Receivables. Your billing system or manual billing process is responsible for calculating VAT.

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

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

This section provides an overview of VAT and discusses:

• VAT information and defaults.

• VAT accounting entries.

• VAT validation.

• Transaction processing and reporting.

• VAT transaction table.

• VAT reports.