Posts Tagged ‘legislation’
On behalf of product management I’m happy to announce that as of today Exact Globe product update 403 is in controlled release. The release is now available for resellers and all controlled release customers that participate in the controlled release. This new product update is planned to be generally available in the beginning of January 2012.
In Exact Globe product update 403 we have extended functionalities that support your legal requirements and business standards with a number of new features. Among others:
- Electronic submission of VAT return, EU sales list (VIES) as well as INTRASTAT return for Irish legislation
- Support of audit file, version 3.1 for Dutch legislation
- Postal codes for United States and Canada supported
We have also enhanced the Exact Warehouse Management Solution with a re-count functionality that comes in handy when stock differences are too big, and auto fill picking queue and fulfillment that enable companies to pick sales orders without having to use the control center for it.
Moreover, to follow earlier introduction of supporting accounts, items and general ledger accounts by Central Master Data Management, you can now easily centrally manage people. Please watch the video to find out more.
As in each of the product updates we have also taken into consideration direct customer feedback and have developed numerous small enhancements, such as:
- Enhancements for the (Interactive) Balance Sheet
- Matching outstanding items in bank or cash journals using accurate offset general ledger accounts
- Matching of receipts and payments enhanced
- Process sales journal entries automatically upon printing the final invoices
- Copy item functionality includes all suppliers and warehouse details
Finally, to meet our customers’ needs we have addressed a number of enhancements related to consistency and completeness of Roles and Rights functionality in Exact Globe. Please read more in this document under tab Roles & Rights.
Should you have any questions regarding this announcement, please comment on this blog post.
Every country has its own principles of accounting and ‘being compliant’ is always a strong argument when going to market.
In Germany every accounting software needs to be compliant with the legal principles of adequate and orderly accounting of GoB (link in German language only). The compliancy has to be proven by a certification of an audit and accounting company, and for Exact Globe that has been done in the past for product update 304. Taking into consideration changes in software and legislation since that product update, it became more challenging to obtain acceptance for the existing certification. Therefore, we have decided to request an update for our certification based on the product update 400. In the beginning of February, our financial module in Exact Globe has been reviewed by PricewaterhouseCoopers and now we have signed versions of certification and audit report.
Although this had been a time consuming process, everything went smooth and fine and it’s a wonderful reassurance to see we are still meeting requirements in our software.
* Distribution of GoB certification for Exact Globe is done by PWC Germany directly. You can find contact details below in the comment section.
Photo credits to: Iphone-fan.de
In my previous blog I gave a short introduction on the simplicity of the payroll process. I also looked at the simplicities themselves – the processes that are involved in completing a payroll calculation. I also pointed out that most people do not read their payroll specification and only check their bank statement. As an employee, you just want your money. That’s a pity because the document is the key to checking you were paid the right amount – to seeing that no mistakes were made with your expenses or travel allowance.
To try and give you a bit more insight into exactly what you can learn from the specification, let’s zoom into it and see what we find there.
The piece of paper the employee receives from their employer supplies information on your salary, contributions and taxes that are withheld and, finally, what should be paid into your bank account. As the document carries an official status in The Netherlands, it can also be used to apply for a loan or for a governmental allowance.
The payroll specification is divided up into several areas. Please refer to the example payroll specification attached.
- Personal information
You’ll first notice some personal information at the top of your document – your name, social security number, date of birth and your address. This is also related to some tax related data.
- Contract information
You’ll also notice some information regarding the employment contract you have with your employer. This includes start date and end date of the employment, how many hours you work in a week and the base salary. The employer is also obligated to print the minimum wage that applies, enabling you to check that your employer pays you the correct amount.
- Period information
This section shows all information related to the period and the wage that is paid for that period.
- The involved period
- This information reveals how the gross wage is composed – your base salary including allowance for overtime, personal target
- The amounts that are withheld on your salary like contributions for health care, pension and, of course, payroll tax.
- The net amount that is paid to the nominated bank account – for most people the most important bit!
This section displays all totals up to the current period. Besides base values for contributions and payroll tax you’ll also find information of your holiday allowance balance. Sometimes the balance for vacation days is also shown here.
The example we see here shows the layout that we use in Exact Online Payroll. We are always curious to hear what you think about it – especially if you’re an employee who receives it. If you have any thoughts, please do share them with us. It could become part of an important improvement and help more people gain important insight from their payroll specifications.
At Exact it is a tradition that we start every new year with a new product update for Exact Globe. In the first week of January we provide our customers with new and adjusted legislation. Product update 396 for Exact Globe is now available at your convenience.
This year the list of legislatory changes includes the new VAT rules for countries in the European Union and the Importer Security Filing (ISF) for the US legislation. All changes in payroll legislation are also included in this product update and substantial improvements have been made to Pick-IT.
More information about product update 396 can be found in the release notes for Exact Globe.
Photo credit: Optical illusion
Serving customers all around the world, we are dealing with different legislations every day. Since I’m part of localizations team of Exact, I’m busy with all kind of adjustments, to make sure our software meets expectations of our customers in the supported countries. This of course also includes ‘managing those expectations’ and clear communication of what’s already available.
To give an overview of what can be expected per country, in the past we prepared documents that listed supported functionality for each country. As a result of many modifications over the years, the documents were no longer user friendly. To optimize usability we first differentiated all supported functionality per country into ‘general’ for general information like supported language, ‘legal’ for legally required functionality, ‘local’ in sense of common business use and ‘banking’ for supported bank formats and country specific cash flow functionality. As a consequence we now offer a clear overview per country with linked detailed information and release notes. Those fact sheets which work as a sort of country cockpit, have been first introduced internally and now are also available for our customers.
Take a look at Synergy document 17.073.975, to see what we prepared. To view it you need to login with your customer portal credentials. Those factsheets will be updated for every product update. So better stay tuned!
Lately announced change in § 13b of German UStG requires adjustments in our official layout. Moreover, in the electronic VAT return Elster new VAT boxes have been introduced and some additional changes have been done to the existing boxes. All details on needed changes are available now and we are busy introducing them into Exact Globe for our Product Updates 401 and 402.
You can find more details on this change, by clicking on the logo below (German language only).
Please contact me at firstname.lastname@example.org if you have any questions.
On behalf of the Product Management team, I am pleased to announce that Exact Globe product update 400 is in controlled release. This new product update is planned to be generally available first week of January.
More than 30 customers are already lined up to participate in the controlled release and start using it. On top of that all of Exacts partners/resellers are able to download the 400 product update as well.
Taking into consideration the end year adjustments in your regional legislation, we have added in this product update new functionalities that are crucial to your operation and will facilitate your business. We have added among others the following features:
- Generating XML files to support online VAT returns according to the HMRC requirements (British legislation)
- XBRL functionality that facilitates electronic communication of business and financial data for German taxonomy
- Supplying an electronic signature for sales documents (applicable for the Portuguese legislation)
Thanks to the Single Euro Payments Area (SEPA) initiative customers can make euro payments to anyone located in the euro area using a single bank account and a single set of payment instruments. As of this product update Exact Globe supports the national and cross-border euro direct debits throughout the SEPA area. As a result you are able to generate B2C and B2B national and cross-border euro direct debits in compliance with SEPA rules for banks in the Netherlands, Belgium, Germany and Austria.
Based on your feedback and suggestions, we continuously improve our products. In this product update you will find among others the following expansions:
- Log reports to keep track of information changed by a user for better realization of the existing security infrastructure
- Adjusting invoice screen for an easier selection of multiple invoices to print or process
More about this product update soon!
Many people in the Netherlands experience payroll as difficult to understand. Most only check their salary via their bank statement, paying little attention to their payroll specification explaining the calculations. It’s certainly a complicated document, any problems with it usually referred to the company ‘wizard’ – an expert payroll administrator or professional accountant.
Within Exact, the payroll development team is also seen as a distinct group with specialist knowledge. They seem to speak a secret language of payroll taxes, contributions and life course savings schemes, carefully guarding the secret formula of gross to net salary.
Of course I’m kidding, but perhaps it is time we cast off the mystical aura surrounding all things round ‘Payroll’…
Is doing the payroll administration easy then?
The answer is yes and no. The process itself is quite simple if compared, for example, to logistics. You need a record for each employee with master data like a social security number and, of course, salary amount. Together with variables like overtime or travel allowances, you calculate the payroll tax, insurance contributions, and most importantly, the net wage which then has to be paid. Calculated taxes and contributions must also be declared and paid to the tax department. Finance also like to know the payroll costs, reported via a journal entry with the balance and costs.
That’s about it. No magic and no secret formulas. The payroll specification is also not impossible to understand, but we’ll save that for my next blog.
So, what’s all the fuss about?
If you use up-to-date payroll software to support you, learning this relatively simple payroll process is certainly not impossible. However, the legislation surrounding payroll is complicated and dynamic. In the Netherlands, every payroll component needs to be examined – is it a base amount for a calculation and if so, for what contribution? Does it apply to payroll tax? With the rules changing regularly, the administrator needs expert knowledge beside robust software.
Collective labor agreements are also important – documents describing employee earnings and allowances that often run to over 100 pages. The huge amount of information makes life difficult for a payroll administrator, particularly if they work for an accountancy firm that do the payroll for several different companies.
Can it be made simpler?
The Dutch government has been trying to make payroll simpler without much success for many years; the political process is slow and extensive. Collective labor agreements and pension contribution calculations also remain difficult to understand and execute. The result of long negations between employers and employees, they are unlikely to be simplified any time soon.
What Exact can do is make the payroll administration easier by supporting relevant Dutch laws and regulations through smart implementation in our software. We can then go even further. At Exact Online Payroll we have the ambition to support and maintain more than 150 of the most commonly used collective labor agreements in the Netherlands. We already support around 50, more being added on daily basis. These inclusions mean that a payroll administrator no longer needs to study, for example, how a particular clothing allowance needs to be included. The correct payroll component is there ready to be selected.
With so much time saved, the payroll administrator has more time for giving advice and service to his customers and their employees. Like explaining the payroll specification to employees for example…but let’s do that next time!