Costpoint Online Help

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Set Up Value Added Tax

Perform the following steps:

  1. Set up VAT tax types on the Manage Tax Types screen.

    You can select one tax type as the default. You can then select these tax types using Lookup on the Manage Sales or Value Added Taxes screen.

  2. In the Manage Sales or Value Added Taxes screen, set up tax codes for automatic computation of sales or value added tax in various Costpoint modules.

    On the Recoverable Accounts subtask, enter a recoverable organization for which the taxable entity (assigned on the Manage Organization Elements screen) matches the taxing entity on which you plan to report.

  3. If you plan to generate the Value Added Tax Report, create an EU country code on the Manage European Union Counties screen.

    If you plan to print data in lines 2, 8, and 9 on the Value Added Tax Report, the first two characters of the code must not match the first two characters of the tax ID entered on the Print Sales/Value Added Tax Report screen when you generate the report.

  4. For vouchers, enter the vendor on the Manage Vendors screen.

    On the VAT Info subtask, assign a tax ID number. If you plan to print data in lines 2 and 9 on the Value Added Tax Report, the first two characters of the tax ID number must match the EU country code created in step 3.

  5. For bills, create a customer on the Manage Customers screen.

    On the VAT Info subtask, assign a VAT tax ID number. If you plan to print line 8 on the Value Added Tax Report, the first two characters of the VAT tax ID number must match the EU country code created in step 3.

  6. Enter your vouchers in the Manage Accounts Payable Vouchers screen or the Manage Purchase Order Vouchers screen (or the Manage Vendor History screen, if you are initializing Costpoint).

    Use the tax ID number assigned in step 4. Enter the VAT tax using the tax code created in step 2. Use the Customs Info subtask to record your VAT and UK INTRASTAT filing requirements.

  7. Enter your bills in Costpoint Billing.

    Use the tax ID number assigned in step 5 on a bill for the customer. Enter VAT tax on the bill using the tax code from step 2. Use the Customs Info subtask to record your VAT and UK INTRASTAT filing requirements.

  8. Use the Manage Taxable Sales Accounts screen to link the accounts charged to the tax code.

    This defines which accounts are included in the tax base for calculation of sales or VAT tax. When you calculate billings, Costpoint applies sales or VAT tax only to amounts charged to the accounts you specify here.

  9. On the Manage Project Sales Tax Setups screen, link the project to the tax code to be included on the bill.

    You also specify what percentage of taxable billings for a given project are subject to specific sales tax codes.

  10. Post your vouchers in the Post Vouchers screen.
  11. Post your bills in Costpoint Billing.
  12. Run the Update Tax Report Tables process. This sets up the tables for reporting.
  13. Go to the Value Added Tax Report screen and generate the Value Added Tax Report with the EU Country check box selected.