Feature Released: December 7, 1028
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., Prime Contracts, Commitments, and Change Orders). 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 schedule of value line items on prime contracts, commitments, and change orders. In Procore, you can set up a tax code, which is a percentage of the amount on a schedule of values line item. Tax code fields appear in the schedule of values for prime contracts, commitments, and change orders. They also appear on the PDF forms that are generated for prime contracts, commitments, and change orders. 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.
Invoice PDFs also reflect the tax. The Summary page of the PDF will add:
- Tax applicable to this payment
- Current payment due including tax