3 Setting Up Localizations for South Korea

This chapter contains the following topic:

• Section 3.1, "Setting Up Reports for South Korea"

See Also: "Working with Generic VAT Processing" in the JD Edwards EnterpriseOne Applications Tax Processing Implementation Guide.

3.1 Setting Up Reports for South Korea

This section provides an overview of reports for South Korea and discusses South Korean-specific UDCs.

3.1.1 Understanding Reports for South Korea

Value-added tax (VAT) is a noncumulative tax that is imposed at each stage of the production and distribution cycle. Businesses in South Korea are required to submit reports that list transactions involving VAT.

The system includes the following VAT Reports for South Korea:

• Tax Invoice Summary by Customer

• Tax Invoice Summary by Supplier

• List of errors

3.1.2 Setting Up UDCs for Reporting for South Korea

Set up this UDCs to process VAT reports for South Korea.

3.1.2.1 Electronic Invoices (75K/EI)

You set up the Electronic Invoices UDC table to specify the document types that you use for electronic invoices or vouchers. This UDC helps to differentiate document types for electronic and non-electronic invoices and vouchers.