Reclaiming VAT

You can use the set of books in the Infor SAT application to reclaim Value Added Tax (VAT)and Goods and Service taxes (GST) paid on expenses reported in the Infor ER application, if the company operates in Europe or Canada.

You can use the Set of Books to map external general ledger accounts to internal expense types. These mappings calculate the amount of VAT or GST that is claimed for reimbursement for expenses incurred in Europe or Canada.

You can create several set of books as there are financial institutions accepting data from the application. You can also create several set of books for the same financial institution. For example, if your company has offices in several countries, you can create a set of book for each country.

The percentage rates or fixed amounts provided in these accounts are used to calculate VAT amounts for each mapped expense after expense types are mapped to VAT accounts. The VAT amounts, tax deductible amounts, and the non-tax-deductible amounts are identified for each expense or group of expenses. This information is exported from the application in a format that is viewed from the company' s external accounting applications.