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Product Updates 416, 415, and 414: Split payment supported for VAT (Romanian legislation)

To comply with the latest tax requirements, the split payment functionality is now supported in Exact Globe Next for the Romanian legislation. In accordance to the split payment system that has been implemented by the tax authorities, the taxable persons that are registered for the VAT purposes in Romania are now required to open a bank account specifically for the transfer of the VAT amount.

Hence, from January 1, 2018 onwards, two separate bank accounts are required to be used for payment transactions between taxpayers. The regular business account will be used to receive or pay the net invoice amount, whereas the tax account will be used to receive or pay the VAT amount.

The split payment functionality in Exact Globe Next supports the general, purchase and sales journals entries, as well as the payments that are due to be processed.

Navigate the following sections to read more on the enhancements that have been made to support the new functionality:

Debtor maintenance screen

In the debtor maintenance screen (accessible via Finance ? Account receivable ? Maintain, select a debtor, and then click Open, or click New for a new debtor), the split payment account can be selected at the Split payment account field under the General section in the Financial tab. By clicking  next to the field, the Split payment account screen will be displayed with the split payment accounts that are available for selection.

The following are the samples of the debtor maintenance screen in the Simple and Advanced modes:

Simple mode

Advanced mode

Creditor maintenance screen

In the creditor maintenance screen (accessible via Finance ? Account payable ? Maintain, select a creditor, and then click Open, or click New for a new creditor), the split payment account can be selected under the General section in the Financial tab. By clicking  next to the field, the Split payment account screen will be displayed with the split payment accounts that are available for selection.

The following are the samples of the creditor maintenance screen in the Simple and Advanced modes: 

Simple mode

Advanced mode

Bank accounts browser screen

In the bank accounts browser screen (accessible via the debtor or creditor maintenance screen, click the Financial tab, and then click  next to the Bank account field under the General section), a bank account record for the new tax account can be created by clicking New, or can be selected by clicking Add existing… if it has already been created.

By clicking New, the bank account numbers maintenance screen will be displayed. The Split payment account option can be selected for the tax account at the Bank account type field in the Basics tab, as displayed in the following screen:

By clicking Add existing…, the Bank accounts screen will be displayed. In the screen, the bank accounts of the split payment account type will be displayed and the relevant bank account can be selected from the list for the tax account.

Payment conditions screen

In the Payment conditions screen (accessible via System ? General ? Countries ? Payment conditions), you can select the Use: Split payment account check box to indicate that the payment condition is used for a tax account. By selecting this check box, the Own split payment account field will also be enabled and can be defined to select the split payment account for the payment condition.

 

Cash instruments screen

In the Cash instruments screen (accessible via Cash flow ? Cash instruments ? Maintain), the Split payment account option can be selected at the Subtype field in the Basics tab. This is to indicate that the cash instrument is used for a tax account.

 

Payment process screen

In the payment process screen, six new columns have been made available to display the split payment account information, as well as the VAT amounts. The information in the columns will be included in the Microsoft Excel sheet during the file export process, if applicable.

Note: The columns will only be displayed when Details is selected at the Group by field.

The new columns are as follows, and are shown in the following sample screen:

  1. Split payment account
  2. VAT basis
  3. VAT basis (DC)
  4. VAT amount
  5. VAT amount (DC)
  6. Own split payment account

Invoice layout

To provide the split payment account information in the invoices, new fields have been added in the following blocks for the invoice layout:

Address block

For the Address block block, the following fields have been added:

  • Company: Split payment account
  • Company: Split payment account: BIC code
  • Company: Split payment account: IBAN

Header block

For the Header block, the following fields have been added:

  • Term: Split payment account
  • Term: Split payment account: Bank code (not applicable to the Romanian legislation)
  • Term: Split payment account: BIC code
  • Term: Split payment account: IBAN

Giro collection block

For the Giro collection block block, the following fields have been added:

  • Invoice debtor: Split payment account
  • Invoice debtor: Split payment account : Bank code (not applicable to the Romanian legislation)
  • Invoice debtor: Split payment account : Bank name
  • Invoice debtor: Split payment account : BIC code
  • Invoice debtor: Split payment account : IBAN

For more information on layouts, see Documents settings.

     
 Main Category: Support Product Know How  Document Type: Release notes detail
 Category: Release Notes  Security  level: All - 0
 Sub category: Details  Document ID: 28.275.819
 Assortment: Exact Globe  Date: 16-05-2018
 Release: 416  Attachment:
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