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TAX Update on FM Budget

Nov 04, 2016 at 07:52 AM

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I had a client requirement to expense tax to the Funds Center/Commitment Item budget and tax update was set as gross in OFUP. The client now wants not to expense tax to the Funds Center/Commitment Item and have changed it to Net Tax. They also want the tax which was deducted from the budget be reversed.

Below is an illustration of Tax postings in Production for Funds Center 11019/Commitment Item 412641.

As an Example, where an invoice 5100010071 with a value of 579,597.52 without Tax ended up deducting a total of 660,741.17 from the budget inclusive of 14% VAT of 81,143.65.

It is the tax amount of 81,143.65 which we seek to reverse.

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