Deltek Vantagepoint Help

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Taxes on Retainage

You have two timing options for billing clients for taxes on retainage amounts.

You select one of these options on the More Calculations tab in Hubs > Projects > Billing Terms for each of a project's work breakdown structure levels at which you process retainage:

  • Tax when Withheld: Select this option to include retainage in the tax basis when calculating taxes for an invoice from which retainage is withheld. When you later bill the client for the retainage, taxes for the retainage are not calculated.
  • Tax when Invoiced: Select this option to exclude the retainage from the tax basis when calculating taxes for the original invoice from which retainage is withheld. When you later bill the client for the retainage, the tax for the retainage is billed. (The actual calculation of the tax, however, occurs when the retainage is originally withheld.)

The option that you select generally depends on the tax regulations that apply.

If you change this setting after generating the original invoice, taxes are calculated for the retainage invoice based on the setting that applied at the time that you generated the original invoice.

When you process an invoice, Vantagepoint checks the tax retainage setting at the lowest work breakdown structure level first before checking higher levels. For example, if a project has both phases and tasks, and the subledger terms for a phase are set up to allow retainage at the task level (Retainage by Task is selected on the Sub-Level Terms tab in Billing Terms), Vantagepoint checks first for retainage terms at the task level. If a task does not have retainage terms, Vantagepoint applies the retainage terms for the phase. If Retainage by Task is not selected for the phase but Retainage by Phase is selected in the project's subledger terms (on the Sub-Level Terms tab in Billing Terms), Vantagepoint checks for retainage terms only at the phase level or above.

Taxes and Billing Groups

If you use a billing group to consolidate billing for multiple projects, retainage tax options are handled the same way as they are handled for other billing term settings. The Separate terms option for the billing group (in Billing > Billing Groups) determines whether Vantagepoint uses the "Tax when" settings for the main project for all subprojects in the billing group, or uses the settings in the individual subprojects' billing terms.

On the invoice template, you can move the Retainage section ahead of the Taxes section if retainage is included in the tax basis for original invoices.