This announcement represents a single point in time. Future releases may impact the information below.
Feature Released: December 7, 2018
New Tax Code Settings Page for Company Admins
Updated the Company level Admin tool to add a new Tax Code Settings page under Tool Settings in the Company level Admin tool. This new setting gives your company the ability to use the new tax code feature with Procore's Financial tools (i.e., Main Contracts, Commitments and Variations). To learn more about it, see How can I use tax codes on a project? and Configure Tax Code Settings.
Why is this important?
Some construction companies may want to identify taxed amounts for bill of quantities line items on main contracts, commitments and variations. In Procore, you can set up a tax code, which is a percentage of the amount on a bill of quantities line item. Tax code fields appear in the bill of quantities for main contracts, commitments and variations. They also appear on the PDF forms that are generated for main contracts, commitments and variations. You can also see the total tax amount on these PDF forms, broken out from the grand total. You can set up multiple tax codes that can be used for different tax rates per tax code.
Payment Application PDFs also reflect the tax. The Summary page of the PDF will add:
- Tax applicable to this payment
- Current payment due including tax