Summary Billing Entry - VAT Processing Information

If VAT processing is enabled in the General Ledger Installation screen, a VAT Tax row displays above the 'Current payment due' row. Here you can select a VAT code from the available drop-down, and the VAT tax percent, VAT basis, and calculated tax amount will display.The VAT retention is calculated as ‘Revised contract’ minus ‘Total completed and stored’ plus ‘Total retainage’ + (‘Total retainage’ x <percentage stored in Draw Request Header Table> / 100).

Note: VAT tax amounts cannot be overridden on draw requests.