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Posts Tagged ‘Localization’

PGP encryption on bank files is now supported in EGN (Malaysia, Singapore, Australia, Chinese legislations)

Written by Elaine Chai on . Posted in Exact Globe

Pretty Good Privacy (PGP) is a popular program used to encrypt and decrypt e-mail over the Internet. It can also be used to send an encrypted digital signature that lets the receiver verify the sender’s identity and know that the message was not changed throughout the submission.

As of Product Update 407 in Exact Globe Next, PGP was the chosen method to start with the bank file export. It is able to automatically encrypt the bank file during export. Encrypted bank file can then be submitted electronically to the bank for decryption. To enable this feature, user needs to contact their respective banks to ensure the same PGP method is used. For more information on this functionality, please click here.

SEPA…less than 100 days to go.

Written by Alexander Kutilov on . Posted in Exact Globe

As of February 1st 2014, existing domestic and international euro credit transfer and direct debit schemes will be replaced by SEPA Credit Transfer (SCT) and SEPA Direct Debit (SDD). Introducing SEPA is the largest payments initiative ever undertaken within Europe and will affect the 28 EU Member States, the three European Economic Area (EEA) countries and Switzerland and Monaco. The SEPA European legal framework requires banks as well as bank clients to use European payment standards.

On a practical level, SEPA means that you will be able to make fast and secure transfers between bank accounts anywhere in the euro area. As such, it will have a positive effect on both domestic and international payments, with consumers benefitting from new rules for transparent pricing and prompt transfer.

Effectiveness of the banking and cash flow management systems is expected to be much higher and relative maintenance costs of these systems will get much lower.

With less than 100 days left to go for euro area countries to migrate to the SEPA Credit Transfer (SCT) and SEPA Direct Debit (SDD) schemes, the changeover process is now entering a critical phase. In terms of the implementation of a solid SEPA-proof ERP solution, there are a number of key points to keep in mind if you are yet to begin. 

Reliable Sources of information: When preparing for a SEPA-proof IT environment and the uninterrupted continuation of financial processes, it is important to find reliable and relevant sources of information for all legal provisions, functional requirements and technical guidelines. The payment industry is one of continuing innovation, and it is important to ensure you are fully aware of the latest possibilities. Be sure to discuss the latest developments with both your software vendor and your bank before you embark on SEPA-proofing your IT. 

IBAN (International Bank Account Number): All domestic bank numbers will have to be changed to IBAN – a longer, harder to remember code. We recommend that the large volume of information you manage on banks, debtors and creditors is changed at once using one of the specially developed software tools available. Remember to also adopt IBAN information in the layouts of all relevant business documents. In short, it is important to remember that IBAN is not only integrated into electronic payment systems, but needs to be aligned throughout your business software.  

Electronic formats:  SEPA will go a long way to resolving the current problems surrounding the diversity of electronic payment formats available, as every bank will be required to follow the ISO20022 XML standard. However, don not take it as read that this will create perfect harmonization. The adoption of new technical standards is always open to a degree of interpretation. Some banks will view the guidelines differently than others, and may have small anomalies in the way they will handle the relevant formats. Many banks also continue to support various traditional electronic bank statement formats with SEPA extensions. Despite thick SEPA rulebooks on payment formats, these differences do exist and can potentially cause problems. As such, it is very important that your bank is fully informed of how your system operates, and confirms that it will accept the XML schemas your software will produce for electronic payment documentation.

SEPA is not a technical change: Many people believe that SEPA is simply a technical change – one affecting only the bank account number and the relevant electronically exchanged banking formats. This is not the case. SEPA brings a significant knock on effect across a range of related business processes. Companies, for example, face new choices regarding their payment and collection processes. Which banks should they choose to work with? How will they deal with reconciliation or the establishment of the SDD mandate administration? How does the business stay up to date with and benefit from the continual evolution of payment technology? What are the implications for planning and budgeting next year and beyond?

Exact offers practical services guiding you through the necessary changes in both: your software and business processes. Understanding your business processes, in combination with our solutions, can help ensure you consider the full scope of SEPA related issues and avoid unpleasant surprises next year.

Interested to learn more ? Please visit  Exact SEPA services website.  You may also want to learn how to update your Exact software with the latest version via a step-by-step guide.

Your feedback to this publication, including concerns and suggestions, will definitely be evaluated towards further enrichment of SEPA solutions in Exact Globe Next.

You are welcome to stay updated on further developments in the area of cash flow management and electronic banking solutions through our regular postings on the Exact Product Blog.

Localizations in Product Update 406 is now in Controlled Release

Written by Elaine Chai on . Posted in Exact Globe

What is happening in April 2013? The beginning of quarter 2? In Localizations, we are happy to announce that product update 406 is now in controlled release. It is always important to keep our users’ in mind in facilitating their daily operations and meeting legal and local business requirements. Therefore, user can expect numerous changes and improvements from legal, localizations, banking and direct customer feedback in this product update.

Now, let me share some of the features highlights to you. From legal, we have New INTRASTAT numbers introduced for year 2013 for EU, new VAT return Form 18 for Czech Republic, new version of XBRL taxonomy for e-Bilanz (5.1) for Germany and many more.

From localizations, we have Golden tax for China, Cash based VAT enhancement for all, new setting for Autofattura for Spain, Italy and Romania, and etc.

Last but not least, continuous effort on SEPA enhancement like SEPA credit transfer and Direct debit formats introduced to several countries , Import and export tool introduced to update Dutch, German, and Austrian bank accounts of debtors and creditors with IBAN and BIC code and many more.

For a complete overview on the features, please refer to the Exact Globe Next 406: Localizations & cross-border product update news.

Important VAT update available (Dutch)

Written by Elaine Chai on . Posted in Exact Globe

As announced earlier there is a change regarding the communication with Digipoort.

To make sure that in the future you will still be able to successfully deliver your VAT declaration to the Dutch tax Authorities an update is available. This update is only applicable to customers who are using Exact Globe Next to send their VAT return and/or EU sales list to the Dutch tax authorities. If you are not using menu [System, General, Returns, Send via Digipoort] in Exact Globe Next to send the VAT return and/or EU sales list, this update is not applicable to you.

The update is made available in product update 405, 406, 407 and 408 of Exact Globe Next and Exact Compact. Contrary to previous announcement it is not necessary to install this before 3-9-2014. Also when you don’t install this update, you’ll still be able to send the VAT return and/or EU sales list to the Dutch tax authorities after 3-9-2014′. In the course of January 2015 an additional update regarding the electronic VAT return will be available. It’s important that this update and the update from January 2015 are installed before 1-2-2015. When the vat-update in January 2015 is available an additional announcement will be published on this blog.

For more information about performing an update see Updating Exact Globe Next.

Besides installing the update it may be necessary to configure your firewall to allow that a connection to Digipoort can be made.

Improved SDD management solution in Exact Globe Next

Written by Alexander Kutilov on . Posted in Exact Globe

SEPA Direct Debit (SDD) brings quite some number of new requirements for not only the software solutions but also for customer business processes.

The SEPA Direct Debit enables you, as a creditor, to make pan-European collections in euros on a one-off or recurrent basis. Launched in 2009, SEPA Direct Debit has increased creditors’ responsibilities, requiring to restructure processes and build in additional procedures. In many countries, the impact of the migration to the SEPA Direct Debit will be greater than that of the migration to the SEPA Credit Transfer.

Under SEPA Direct Debit, the creditor has to store original mandates, digitalize them and send mandate-related information with each direct debit order. Pre-notification messages have to be send before debiting an account. In most European countries it is possible to re-use existing mandates when migrating to the Core version, even though the migration to SEPA requires changes and new information has to be added. For the B2B version new mandates are required.

There are two separate versions of the SEPA Direct Debit:

SEPA Direct Debit Core (also known as Standard)
This version is used for collections from individuals and business clients. The refund period is 8 weeks for authorized transactions.

SEPA Direct Debit Business-to-Business (B2B):
This version is used for collections from business to business. There is no refund for authorized transactions and a stricter mandate checking process.

Exact has introduced SDD functionality for Business Solutions customers in 2010 in the Exact Globe Next product update 400. This functionality was initially available for customers, which banks are in the Netherlands, Belgium, Germany or Austria. This solution is being further extended for other SEPA countries as from Exact Globe Next product update 406. The SDD solution is also improved based on direct Exact customers feedback. Implementing these  improvements, Exact is actively involving customers into the development process with aim on satisfying most critical requirements in most convenient way for customers.  You may learn some more details about most recent improvements  in SDD functionality here.

Exact is commuted to further improvements in SEPA functionality. You are welcome to stay updated on further developments in this solution area through our regular postings on the Exact Product Blog.

China Golden tax invoicing is now ready in product update 406!

Written by Elaine Chai on . Posted in Exact Globe

It’s been a while since my last blog on the first phase of the Golden tax features delivered in product update 405. There, Exact Globe Next (EGN) was able to assign a golden tax number to an invoice, authorize the invoice and lastly generate the flat text file. The flat text file is then imported into the Golden tax system and prints the information onto a pre-formatted and pre-numbered invoice known as Golden tax invoice.
And now, we are happy to announce that all Golden tax features are now ready in EGN as of this general available product update 406. Besides able to assign one invoice to one Golden tax number, it is now able to split and combine multiple invoices into one or multiple golden tax number. For a full supported functionality, please click here.

Localizations in product update 405 and Year-End Patch Update

Written by Elaine Chai on . Posted in Exact Globe

As announced in the previous blog, Exact Globe Next product update 405 has been generally available as of October 2012. This marked another important milestone to deliver the right functionalities to you.

You might have already heard of the Netherlands payroll and news about some other countries’ legal changes. To ensure in time delivery of these changes, a year-end-patch for Exact Globe Next product update 405 is now available as of January 2013. This document describes how you can perform the update.

We have implemented quite a number of solutions for fixed themes like legal changes, localizations, banking, cash flow and also your feedback to improve the software.

To improve the level of localizations some important changes have been implemented for Belgium, China, Czech, Germany, Hungary,  Japan, The Netherlands, Portugal, Romania, Thailand and Vietnam. All deliverables for localizations in this product update are listed here.

Moreover, this product update has become a major milestone in SEPA compliance for customers of Eurozone countries. Exact Globe Next now provides the ability to create SEPA Credit Transfers and SEPA Direct Debits in accordance with most recent rules. This functionality will be extended further in upcoming Exact Globe Next product updates.

You may view the full list of changes in this product update from here.