Create a Project-level GST Financial Markup for Head Contracts and Commitments
- Navigate to the project's Head Contract tab.
- Click the Advanced Settings tab. (Note: The Advanced Settings tab may be hidden but accessible by clicking the More tab)
- Click Edit in the right-hand side of the screen.
- Under the "Financial Markup Settings" section, mark the Enable Financial Markups checkbox.
- Click Save.
- Navigate to the Financial Markup tab to set up the default financial markups that will be applied. (Note: The Financial Markup tab may be hidden but accessible by clicking the More tab.)
- Click New Vertical Markup.
- Enter the following information in the New Vertical Markup:
- Markup Name - Enter a name for the financial markup (e.g., GST).
- Markup Percentage - Enter the percentage for the markup (e.g., 10).
- Compounds Markup Above - If the box is selected, markup percentage is calculated on the subtotal with the addition of any preceding markups. If this box is not selected, markup percentage is calculated on the change order subtotal.
- Select the Categories to which the Vertical Markup will apply. By default the markup applies to all categories. Confirm the Financial Markup is applied to all Contracts and Variations.
- Select the GST Cost Code that you created from the drop-down menu where this Financial Markup will map.
- Select the Category that the GST financial markup will map to ("Other" or custom Type, if created).
- Click Save.
(Note: The project's Pay Apps (Claim Schedules) and Draw Requests (Tax Invoices) will also now include a GST line on the G703 form.
Important!: When a Commitment is created, make sure that a line item for GST is added for each subcontract or purchase with applicable tax.
Include GST on PDFs for Contracts, Variations and Claim Schedules
1. Request a Custom Form for a PDF Customization to have GST prominently displayed on the PDFs for Contracts, Variations, and Claim Schedules.
Important!: Clients should schedule a call with Custom Forms to discuss their custom PDF in detail. Contact your Procore point of contact for more information.