Vendor Invoice Entry - VAT Processing Information
If VAT processing is enabled in General Ledger Installation, additional VAT tax and VAT tax amount fields will display. The VAT code will default from the Default tax code field in General Ledger Installation (when adding a Subcontract Progress Billing invoice the VAT code recorded in will default).
Every time the 'VAT code' on the main screen changes the 'VAT tax amount' is recalculated unless Keep as Entered is specified in the Value Added Tax Breakdown window.
VAT Tax Amount = 'Total before tax' x 'VAT tax percent' / 100
Retention VAT = new 'VAT tax amount' x 'Retention amount' (before tax) / 'Total before tax'
Current VAT = new 'VAT tax amount' minus new 'Retention VAT
