Welcome to the Exact Product Blog

On this blog we will cover stories from all around the Exact ecosystem.

Posts Tagged ‘VAT’

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.

Localizations team to deliver around the world

Written by Elaine Chai on . Posted in Exact Globe

Happy New Year and best wishes to you in 2012! Localizations team has reached another milestone to deliver Product Update 403 which is general available, as you could read in the previous announcement.   

In product update 403, we have extended functionalities that support legal requirements and business standards, have built localization improvements for a vast variety of legislations and focused on developing electronic banking features. We have also delivered changes based on customer feedbacks  and addressed a number of enhancements related to roles & rights and fixed assets functionalities. These improvements are based on requests we receive globally and which are important to our customers’ daily operation and business needs.

Legal changes

 

Electronic data exchange submission between government and companies becomes a common process in more and more countries. Therefore, in this product update we implemented VAT related reporting electronically like:

Localization changes

 

 

In order to comply with the countries requirements, we have enhanced the current:

To find out more about the deliverables from the localizations team in Exact Globe product update 403, please refer to the Exact Globe 403: Localization & Cross-border Product update news.

Exact Globe product update 400 in Controlled Release

Written by Richard Smits on . Posted in Exact Globe

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!

 Picture credits

We’re in controlled release!

Written by Bert Siekmann on . Posted in Exact Globe

Exact Globe’s April update has moved into the controlled release phase.  As always and even more during this crucial phase your feedback is much appreciated and of great importance in order to make this update successfully commercially available by the end of April. We daily experience your eagerness to improve the way you run your businesses with the help of our latest solutions!

In April´s product update we will present you:

  • Improved roles & rights in the area of credit limit check, bank and cash journals and accounts receivable & accounts payable.
  • Product update notification: Globe´s menu-homepage will automatically show a notification that there is a new product update available. This notification will direct you to all relevant information on this product update.
  • International bank formats: we will introduce more than 14 (!) new and optimized international bank formats
  • Exact Globe will support Windows Server 2008 R2, for more information, see Windows Server 2008 R2 Product Information
  • Electronic consolidated Value Added Tax (VAT) returns for German Legislation
  • WIP cost and revenue: a method enabling you to make a distinction in WIP costs and revenue
  • Importer Security Filing (ISF) is the additional shipping requirement by the United States Customs and Border Protection (CBP) department. In his product update the ISF shipping requirement is extended to sales transactions
  • A variety of international legislative enhancements
  • A variety of ´tricks´ in order to align Globe even better to your daily business activities
  • And lots more..!

Furthermore, we are in the process of doing research on improving your (user)interface and (user)experience with Exact Globe. I will keep you updated with our insights and findings, but please feel free to respond and inform me on your experience!

Please keep an eye on this blog for more information on product update 397 and complementary information on our product plans and product strategy.

Photo credit: Zarko Drincic

Exact Globe Next ready for the VAT changes

Written by Alexander Kutilov on . Posted in Exact Globe

Due to the current economic situation most European countries have decided to increase VAT rates.

Exact Globe Next provides a flexible and simple solution for automatically adopting new VAT rates in customer administrations. There are two ways:

  • Reuse well-known existing VAT code with new percentage, whereas all historical data is adjusted to a new VAT code with old percentage.
  • Create a new VAT code or select an existing one for new VAT percentage and link it to all relevant master data.

In both cases the customer may choose whether or not new VAT percentages need to be automatically applied to open quotations and sales orders, services orders and purchase orders.

The conversion can be done for every existing VAT code with a free choice of which approach fits best a specific situation of the customer.

Being initially implemented in 2010, for the product update 396, the functionality is recently enhanced based on the market feedback. All recent changes are available in Exact Globe Next as from the product update 400. For more information please read this release note.

You are welcome to stay updated on further development of Exact solutions through our regular postings on the Exact Product Blog.

 

Thailand Withholding Tax

Written by Elaine Chai on . Posted in Exact Globe

Withholding tax is a government requirement whereby the payer of an income withholds or deducts the tax from the payment and pays the tax to the authorities. This can apply to employment income, payments of interest, dividends, royalties, rent, etc. Thus, the tax is deducted before payment is made and may be refunded later depending on the circumstances.

In Thailand, withholding tax is a deduction from payments made to suppliers who provide a service. Whether the withholding tax is applicable and what rate needs to be deducted depends on the nature of the service provided.

In Exact Globe product update 402, we are happy to introduce the Thailand Withholding Tax functionality. The process starts with entering purchase invoices that include VAT and assessing the withholding tax amount upon invoice or prepayment. Then, you can easily print the Withholding Tax Certificate as a confirmation to your supplier and later submit the form P.N.D 3/P.N.D 53 to the Thai tax authority.

Taking into consideration that this is a highly demanded feature, localizations team has given the priority to include this functionality into standard Exact Globe functionality. We are also glad that the numbers of the pilot customers are growing. We will keep you posted when there are more updates on this after the pilot phase.

Please contact me at elaine.chai@exact.com if you have any questions.

Exact Globe 399 General Available

Written by Richard Smits on . Posted in Exact Globe

I’m happy to announce that product update 399 of Exact Globe is general available. As you are used to, we further extended and improved the important features in order to fulfill your legal requirements. Some important extensions in this product update:  

  • Availability of prepayment invoices with or without VAT 
  • USD currency change in Bonaire, St. Eustatius and Saba
  • VAT reporting and EU sales list reporting in Luxembourg

In addition to numerous enhancements based on the feedback we received from customers, we have also enriched the design of Exact Globe user interface. With the new skin called “Globe Sky” we would like to create more pleasant work experience, improve the efficiency and increase the user satisfaction.

A considerable slice of our development capacity, is allocated to what we call ‘small enhancements’, which result directly from your feedback to us. Some of the suggestions we have implemented in this product update:

  • Invoice payment date displayed in debtor and creditor cards
  • Date filter section added to overview of debtor and creditor cards
  • Option of not copying description from previous sales or purchase invoices
  • Enhancements to the Picking List

To find out more about “Globe Sky”, extensions in legal requirements and enhancements check the Product Update News. You can find there as well a preview of Central Master Data Management that supports effective collaboration between individual departments.

New VAT rules in the EU per 1 January 2010.

Written by Philippe Robert on . Posted in Exact Globe, Exact Online

In February 2008, the EU Ministers of Finance adopted a package of changes regarding the VAT system in Europe. One of the objectives of this package is to modernize and simplify existing rules regarding the cross-border delivery of services within the EU. Another objective is to reduce fraud. This new VAT package will be introduced in all EU countries on the 1st of January 2010.

This means that before the end of 2009, all 27 EU countries will have to include these changes in their local VAT legislation. I will not go in full detail of the new package in this post, but I will give you 3 major changes that might also impact your business (if it’s located in the EU, of course). It is a complicated manner, so I tried to write it down as clearly as possible.

  • If you are a VAT-registered business and you sell or move goods to other VAT-registered businesses within the European Union (EU), you must record and report data on your activities. There are two systems: Intrastat and the European Community (EC) Sales List. This EC Sales List, the listing of delivery of goods, will be replaced by the listing of delivery of goods and services. This listing will thus not only be for the delivery of goods, but now also for the services that you provide to customers that are liable to VAT (B2B) located in another EU country. The periodicity of the ESL (EC Sales List) will be quarterly or monthly depending of the size of the company.
  • In case of (cross-border) delivery of services, you will have to list these services on the EC Sales List if the location of your customer is in another European country than your own. In other words, the location where the service is actually executed is not relevant anymore. Only the country of your customer is relevant.
  • The VAT return can also be changed, but this will differ per country. For example in the Netherlands, goods and services have to be reported in the existing ‘box 3’ while in Belgium two new VAT boxes will be added to the VAT return. Whatever solution a country will choose, the objective is always to have a full coherence between the EC Sales List and the VAT return.  

For some countries the modifications that have to be implemented in the EC Sales List and the VAT return are already known, while in other countries these modifications will not be totally clear before November or December of this year. 

Even though not all the changes are known yet, Exact Software will not and cannot wait until the last minute to implement these changes in Exact Globe and Exact Online. With customers in almost every EU country we have to take timely measures. Therefore we are currently, for each individual EU country, in contact with the local VAT administration and accountancy firms to investigate the impact for the local VAT return and EC Sales List.

Around Europe, you have probably received invitations to follow a seminar regarding this subject, often organized by the VAT authority, accountants offices or business organizations. We advise you to follow one of these seminars. This because the new VAT package will not only have impact on the VAT return or the EC Sales List, but it will also have an impact on the way that you will register your financial data.

As soon as we have new information about the VAT package of 2010 and/or the impact on our software, we will keep you informed via this blog.

Photo credit: Phillip