These topical essays provide background information about the current business requirements for companies that do business in Greece, including:
Accounting entries in Greece must comply with a statutory limited-period posting rule. This requirement prohibits the validation and posting of accounting data after a specified number of days, counted from the system date of the transaction. The current specified number of days is 15.
The 15-day posting rule requires that the accounting date for all entries fall within 15 days of the current system date. If the accounting date falls outside of this period, you must change the entry's date for the system to validate the transaction.
Accounting Date (System Date = March 16, 1999)
Transactions that you enter cannot have an accounting date before March 2, 1999: General Ledger cannot validate transactions with an accounting date on or before March 1, 1999, because there are more than 15 days between the accounting date and the system date.
Once a transaction is entered in General Ledger or approved in the subledgers, you must translate and/or post the transaction within 15 days of the accounting date.
Posting (Accounting Date = March 16, 1999)
Transactions that you enter cannot have a translation/posting date later than March 30, 1999. General Ledger cannot translate or post transactions with accounting dates of March 16, 1999 after March 30, 1999, because there are more than 15 days between the accounting date and the required posting date.
Accounting entries with an accounting date that is 15 days after the system date fail the translation or posting process and are not included in the balances for their respective accounts.
The 15-day posting rule applies to all entries made through General Ledger, as well as journals imported in General Ledger from feeder systems such as Oracle Assets.
The 15-day posting rule applies to journal entries made directly into General Ledger and imported from feeder systems.
Journals not posted within the rule period, regardless of the source, are invalidated, and do not complete the posting process.
Journals that are generated in Oracle Assets are subject to the 15-day posting rule once imported into General Ledger.
Once journals are transferred to General Ledger, the depreciation journal and other asset accounting journals are subject to same posting restrictions placed on General Ledger journals. Users, however, must verify that accounting entries generated in Oracle Assets are transferred to General Ledger in a timely manner.
Several exceptions currently exist to the 15-day posting rule:
Allocation journals – Allocated journals, or analytical accounts, are derived from the allocation process, which is run after the subledgers and General Ledger are completed for the period. Journals can remain unposted up until the end of the following period.
Adjustment period journals – Transactions posted to adjustment periods can remain unposted for a period of up to four months.
Inventory transactions – You must complete inventory accounting entries within a 10-day period.
The limited period posting rule is established by Greek authorities. The numbers that denote the rule periods, such as 15 days for journals and four months for Adjustment Period journals, are defined in the Define Cutoff Rules window. Consult your system administrator or other authorized user to make any changes to these rule periods.
See Define Accounting Cutoff Rules for more information.
The Greek accounting requirement specifies that each accounting transaction entered in General Ledger, Payables, Receivables, and Cash Management must carry a unique sequential number at the header level. This number is called an accounting sequence number.
The accounting sequence number is assigned when the transaction is complete, which lets Oracle Financials show all accounting entries in a date/accounting entry and sequence number order that is required by Greek authorities for statutory reporting. Accounting sequence numbering also ensures that no gaps exist in accounting entries, due to user error for example.
Accounting sequence numbering in each application must comply with these legal requirements:
The numbers are unique within a ledger.
Each entry within each ledger must have a unique number.
The numbers are automatically allocated upon posting.
No gaps exist in the sequence of numbers allocated.
For statutory reports, transactions are listed in date and sequence number order.
Accounting entries for the Opening and Closing Fiscal Year transactions must have a different numbering convention from other accounting entries.
Once a number is assigned to a transaction, the user cannot alter the transaction or the number.
Accounting number sequencing is a requirement for all General Ledger manual and imported journal entries. The number is allocated when accounting entries are posted to General Ledger.
During the posting process, Oracle General Ledger populates the Other Information tab in the Journals window with the appropriate accounting sequence number. If you entered Yes in the Prefix External Reference with Accounting Sequence? field in the global descriptive flexfield in the Ledger window, Oracle General Ledger also populates the Reference field in the Other Information tab in the Journals window with the accounting sequence number and name.
Journals generated for adjustment periods must have a unique number sequence. This sequence is shared by journals generated for either the opening or closing period, because the journals belong to the same journal book and share the same document sequence. The sequence, however, is different from the number sequence used for normal General Ledger journals.
Allocated journals for analytical accounting can also have there own unique number sequence. See Analytical Accounting for more information.
Greek Analytical Accounting became law on January 1, 1997 after an announcement in mid 1996 and is effective for fiscal year 1998, according to Presidential decree 1082121/1206/1996.
This law specifies that Greek companies must record and report the cost effect of certain accounting transactions, generally Profit and Loss transactions, in greater detail, in additional Group 9 accounts. These Group 9 accounts are reported on in selected General Ledger statutory reports.
In this way, analytical accounting lets Greek companies report on the nature and purpose of their revenue and expenses and simulate a monthly close process.
Analytical accounting involves the parallel processing of transactions affecting certain General Ledger accounts with the Group 9 accounts. Analytical accounting is required for all entries posted to natural account segments commencing with the values in this table:
| Group | Type | Description |
|---|---|---|
| 2 | Asset | Stocks - Inventory |
| 6 | Expense | Expenses |
| 7 | Revenue | Revenues |
| 8 | Revenue/Expense | Result Accounts (both type R and E) |
These tables provide an example of how these values are reflected with equal and balancing entries in the appropriate analytical account values.
| AP Invoice Distribution Line | Account Segment | Debit | Credit |
|---|---|---|---|
| Line 1 | 100 | ||
| Line 2 | 150 |
| Accounting Entries | Account Segment | Debit | Credit |
|---|---|---|---|
| Expense | 6000 | 100 | |
| Expense | 6000 | 150 | |
| Liability | 5000 | 250 |
| Analytical Accounting Entries | Account Segment | Debit | Credit |
|---|---|---|---|
| Analytical (Cost Center: Production) | 920060 | 100 | |
| Analytical (Cost Center: Distribution) | 920160 | 150 | |
| Analytical Offset | 906000 | 250 |
Group 9 accounts are marked as asset accounts. Entries recorded to these accounts, as part of the analytical accounting process, do not affect the balance of the Retained Earning account and thus do not distort a company's true accounting position.
Analytical entries are derived automatically according to rules established by Greek legislation. In Oracle Financials, the accounting entries are derived from a process run after the subledgers and General Ledger are completed for the period, as a monthly or accounting period process. This creates a separate allocated journal with the corresponding analytical entries.
The Define Journal Allocations window in Oracle General Ledger lets you define rules for creating allocated journals. You can specify the account ranges to be analyzed and create one or more destination accounts for the resulting allocated journal lines. The Journal Allocations - Allocate concurrent program automatically creates the allocated journal entries according to the rules entered in the Define Journal Allocations window.
Note: You can only run the Journal Allocations - Allocate program after completing all accounting entries for the period. Your company should establish this practice as a regular business procedure to ensure the proper handling of analytical accounting.
If necessary, you can manually create analytical journal entries for any late accounting.
The allocated journal that results from the Journal Allocations - Allocate program is imported into General Ledger in either summary or detail mode, using the standard General Ledger Interface process.
Allocated journals can have their own accounting sequence numbering. The accounting sequence number is assigned to allocated journals during the General Ledger Posting process. This number is only allocated to successfully posted journals.
You can use the audit trail function in Oracle Financials for any audit requirement that you must track the rule sets created for allocated journals.
Detailed requirements for analytical accounting are:
All entries to natural account segment values that begin with 2, 6, 7, and 8 must be reflected by an equal entry in an analytical account. This analytical account is represented by a natural account segment value that begins with the number 9.
Analytical accounting entries are processed on a monthly basis.
You can post journal entries directly to analytical accounts.
Transactions that result from the allocated journal process are assigned a unique accounting sequence number in General Ledger.
Analytical accounting entries are reported in certain statutory General Ledger reports. The analytical accounting entries in these reports are displayed separately from non-analytical entries.
The balances of analytical accounting entries are included in the first level summaries of the parent values of the natural account in the General Ledger Summary Report.
All brought-forward entries must be kept separate.
All year-end entries must be kept separate.
Analytical/Allocated Accounts - Accounts have a natural account segment value that begins with the number 9. These category 9 accounts are a special group in the Greek Chart of Accounts and are assigned an account type of Asset to prevent these entries from influencing the retained earnings account.
Category 2, 6, 7, and 8 Accounts - Accounts with a natural account segment value that begins with a 2, 6, 7, and 8 and are defined in the normal Greek Chart of Accounts. These accounts generally have an account type of Revenue or Expense, with the exception of category 2 accounts which relate to Inventory accounts and have an Account type of Asset.
Greek law requires the storage of Asset Investment Law and Commitment Information for each asset when you enter assets. This requirement is based on the provisions of the Presidential Decree 1123/80 General Chart of Accounts (GCA) which requires companies to reflect additional information items within asset accounts, such as information about:
Whether or not each asset was purchased under favorable investment law provisions.
Whether each fixed asset has legal burdens.
Investment Laws (EPENDYTIKOS NOMOS) provide certain incentives that vary depending on the region where the investment is effected and according to the nature of the business of the investing enterprise (industrial, commercial, and so on). Current incentives include direct subsidy (direct capital flow), interest subsidy (loan financing), leasing subsidy (lease payment financing), or tax exemption (untaxed reserves or tax deduction on the purchased value of the asset). You need to record the appropriate investment law that applies to the purchasing decision of the asset against the newly acquired asset.
Commitment information is recorded as part of the additional legal information storage. Commitments (DESMEYSEIS), such as existing mortgages, pre-notices of mortgages or any other financial burden, are recorded against any asset that they refer to.
Companies must store commitment information when an asset is entered. This additional information is maintained in a global descriptive flexfield in the Asset Details window.
The additional information both for investment law and commitment is displayed in the official Asset Ledger Report.
Greek law requires Greek companies to store information about themselves in their financial applications, which is used to create the Greek Statutory Headings Report. The statutory header, once printed, is endorsed and stamped by the Greek tax authorities. The company in turn prints all official versions of reports on government-certified statutory report paper.
The statutory header contains the legal entity registration information that you record using the Legal Entity Configurator. See: Using the Legal Entity Configurator, Oracle Financials Implementation Guide
You can divide Greek reporting requirements into two categories: official reports, printed on official paper with the company statutory header and required by the Greek tax authority, and official reconciliation reports, required by the company and auditors.
Statutory Header Reports are used by Greek companies to print their official reports for the tax authority. These Header Reports must comply with the Greek statutory report format defined by Greek tax authorities. The official reports must contain specific company information and a pre-printed sequence number.
To help companies format Header Reports and display the appropriate information, Greek tax authorities produced a standard report header template. Companies must use this template when devising the layout of their own official report headers.
Information that must appear on the header report includes:
Fiscal Company Name - Name of the company
Tax Office - Name of the tax office that the company submits its reports to
Company Activity - Business activity of the company
Tax registration number
Fiscal company VAT number
Title of the statutory books
This information is stored as part of the company statutory information storage requirement. See Company Statutory Information Storage for more information.
The Header Report produced by the company is endorsed and stamped by the tax authority to certify the validity of the numerical sequence for the purpose of statutory reporting. The validated Header Report is used to print the official reports required by Greek legislation.
The reports are:
Statutory Trial Balance Report
Statutory Asset Cost Detail Report
Statutory Asset Reserve Detail Report
Statutory Asset Ledger Report
Global Journals and Third Party Report
General Ledger Trial Balance Report
Define an unlimited number of sequences, fixing the initial value for each sequence and the Applications that may use them.
Choose if the sequence numbers must be automatically generated by Oracle Financials, gapless, or manually assigned by you.
Define a time period during which these sequences can generate or have numbers assigned.
Define an unlimited number of document categories. There are, however, a number of default categories that come with the installation.
Combine one or more documents categories with a definite sequence.
Define a time period during which this combination is valid.
These features can be used to manage the definition (automatic, gapless, or manual) of VAT voucher numbers and other bookkeeping transactions.
To use the voucher correctly, you must enter only one company (balancing segment) for each ledger.
To define the vouchers structure to represent the particular characteristics of your company, you must follow this analysis and construction process for each area:
Define the documents managed by the company in the area of interest (for example, invoices A and invoices B).
Single out the document groups that (for organization, control, or fiscal reasons) can or must share the same voucher or, on the contrary, can or must have a different voucher.
Determine the voucher definition formalities (manual, gapless, or automatic).
Define documents using standard functionality.
Define sequences using standard functionality.
Combine documents and sequences using standard functionality.
Related Topics
Defining a Document Sequence, Oracle Applications System Administrator's Guide
Defining Document Categories, Oracle Applications System Administrator's Guide
Assigning a Document Sequence, Oracle Applications System Administrator's Guide
The company wants to use General Ledger, Oracle Payables, and Oracle Receivables for the accounting period 2000. In addition, the company wants to assign a single sequence of voucher numbers to all manual entries and to entries automatically generated using Recurring Journal Entries. The company has two offices carrying out journal entries. In order to immediately identify which office has carried out each entry, the company decides to have a double sequence of documents, identical but characteristic of each office.
The company decides to implement these new documents:
General Ledger manual entries - office A
General Ledger manual entries - office B
Purchase Invoices - office A
Purchase Invoices - office B
Payments - office A
Payments - office B
Sales invoices - office A
Sales invoices - office B
Encashments - office A
Encashments - office B
Rectifications - office A
Rectifications - office B
The company decides to define these sequences:
CGM_00_
For all documents manually entered in General Ledger (Documents 1 and 2)
NOCGM_00_
For all documents relative to summary entries coming from Oracle Payables and Oracle Receivables (Documents 3 to 12)
Always choose a sequence name that easily identifies the entry type (taking into account the maximum printable size, which is 14 characters). In addition, choose a name that is easy to update every year.
Before you start to define the structure, you must set the Sequence Numbering profile option to Always Used using Oracle Financials Administrator responsibility.
You can carry out the next transactions using the System Administrator responsibility or using a similar group of functions available in the General Ledger responsibility.
Document definition occurs through the standard functionality in the Journal Categories window in General Ledger, according to the scheme in this table:
| Category | Description |
|---|---|
| GL manual entries office A | GL manual entries office A |
| GL manual entries office B | GL manual entries office B |
| Rectifications office A | Rectifications office A |
Use the standard functionality in the Document Sequences window to define sequences according to the scheme shown in this table:
| Name | Application | From | To | Type | Initial Value | Message |
|---|---|---|---|---|---|---|
| CGM_00 | General Ledger | 01-JAN-00 | 31-DEC-00 | Gapless | Yes | |
| NOCGM_00 | General Ledger | 01-JAN-00 | 31-DEC-00 | Gapless | Yes |
Use the standard functionality in the Sequence Assignments window to assign documents to sequences according to the scheme in this table:
| Document Category | Start Date | End Date | Sequence |
|---|---|---|---|
| Application = General Ledger Category = GL manual entries - office A Ledger = Reference Ledger Method = Manual | 01-JAN-00 | 31-DEC-00 | CGM_00 |
| Application = General Ledger Category = Rectifications - office B Ledger =Reference Ledger Method = Manual (or Automatic if Recurring Journal Entries are used) | 01-JAN-00 | 31-DEC-00 | NOCGM_00 |
Related Topics
Overview of Setting User Profiles, Oracle Applications System Administrator's Guide
Assigning a Document Sequence, Oracle Applications System Administrator's Guide
The company wants to use General Ledger, Oracle Payables, and Oracle Receivables for the accounting period 2000, assigning to all purchase invoices, credit memos, and custom bills manually entered in Oracle Financials a single sequence of voucher numbers. In order to benefit from the functionality which reduces the number of transactions necessary to enter EU Invoices and Payables Self Invoices, the company decides to assign two further different sequences to these documents. The company has two offices entering invoices. To easily identify which office has carried out each entry, the company decides to have a double sequence of documents, identical but characteristic of each office.
The company decides to define these new documents:
Purchase Invoices - office A
Purchase Invoices - office B
EU invoices - office A
EU invoices - office B
Self invoices - office A
Self invoices - office B
Non-VAT purchase documents - office A
Non-VAT purchase documents - office B
Payments - office A
Payments - office B
The company decides to define these vouchers:
FATPAS_00_
For all purchase invoices, credit memos, and custom bills manually entered (Documents 1 and 2)
CEEFAT_00_
For all EU VAT purchase invoices and credit memos manually entered (Documents 3 and 4)
AUTFAT_00_
For all suppliers self invoices (Documents 5 and 6)
NONIVA_00_
For all non-VAT purchase documents (bills of costs, fuel cards, extra-EU invoices) (Documents 7 and 8)
PAGAM_00_
For all payments (Documents 9 and 10)
Always choose a sequence name that easily identifies the entry type (taking into account the maximum printable size, which is 14 characters for vouchers). In addition, choose a name that is easy to update every year.
Before you start to define the structure, you must set the Sequence Numbering profile option to Always Used using the System Administrator responsibility.
The next transactions must be carried out using the same responsibility.
Use the standard functionality in the Document Categories window to define documents according to the scheme in this table:
| Application | Code | Name | Description | Table Name |
|---|---|---|---|---|
| Oracle Payables | Purchase Invoices = A | Purchase Invoices A | Purchase Invoices entry A | AP_INVOICES |
| Oracle Payables | Payment B with check | Payments with check | Customers bank check payments entries - office B | AP_CHECKS |
Use the standard functionality in the Document Sequences window to define sequences according to the scheme in this table:
| Name | Application | From | To | Type | Initial Value | Message |
|---|---|---|---|---|---|---|
| FATPAS_00 | Oracle Payables | 01-JAN-00 | 31-DEC-00 | Gapless | Yes | |
| PAGAM_00 | Oracle Payables | 01-JAN-00 | 31-DEC-00 | Gapless | Yes |
Use the standard functionality in the Sequence Assignments window to assign documents to sequences according to the scheme in this table:
| Document Category | Start Date | End Date | Sequence Name |
|---|---|---|---|
| Application = Oracle Payables Category = Purchase Invoices - A Ledger =Reference Ledger Method = Manual | 01-JAN-00 | 31-DEC-00 | CGM_00 |
| Application = Oracle Payables Category = Purchase Invoices - B Ledger =Reference Ledger Method = Manual | 01-JAN-00 | 31-DEC-00 | NOCGM_00 |
| Application = Oracle Payables Category = Payments B with check Ledger =Reference Ledger Method = Manual | 01-JAN-00 | 31-DEC-00 | NOCGM_00 |
Related Topics
Overview of Setting User Profiles, Oracle Applications System Administrator's Guide
Assigning a Document Sequence, Oracle Applications System Administrator's Guide
The company wants to use General Ledger, Oracle Payables, and Oracle Receivables for the accounting period 2000, assigning to all manually entered sales invoices, credit memos, encashments and customer balances rectifications entries (for example, allowances, losses) separate voucher number sequences. The company has two offices entering invoices. To easily identify which office has carried out each entry, the company decides to have a double sequence of documents, identical but characteristic of each office.
The company decides to define these new documents:
Sales invoices - office A
Sales invoices - office B
Credit memos - office A
Credit memos - office B
Adjustments - office A
Adjustments - office B
Encashments - office A
Encashments - office B
The company decides to define these vouchers:
FATATT_00_
For all sales invoices (Documents 1 and 2)
NOTECR_00_
For all credit memos (Documents 3 and 4)
AGGIUS_00_
For all adjustments (Documents 5 and 6)
INCASS_00_
For all encashments (Documents 7 and 8)
Always choose a name that easily identifies the entry type (taking into account the maximum printable size, which is 14 characters). In addition, choose a name that is easy to update every year.
Before you start to define the structure, you must set the Sequence Numbering profile option to Always Used using the System Administrator responsibility.
The next transactions must be implemented with the same responsibility.
Use the standard functionality in the Document Categories window to define documents according to the scheme in this table:
| Application | Code | Name | Description | Table Name |
|---|---|---|---|---|
| Oracle Receivables | Sales invoices - office A | Sales invoice - A | Sales invoices entry - A | RA_CUSTOMER_TRX |
| Oracle Receivables | Encashments - office B | Encashments with check | Customers encashments entries - check - Office B | AR_CASH_RECEIPTS |
Use the standard functionality in the Document Sequences window to define sequences according to the scheme in this table:
| Name | Application | From | To | Type | Initial Value | Message |
|---|---|---|---|---|---|---|
| FATATT_00 | Oracle Receivables | 01-JAN-00 | 31-DEC-00 | Gapless | Yes | |
| INCASS_00 | Oracle Receivables | 01-JAN-00 | 31-DEC-00 | Gapless | Yes |
Use the standard functionality in the Sequence Assignments window to assign documents to sequences according to the scheme in this table:
| Document Category | Start Date | End Date | Sequence Name |
|---|---|---|---|
| Application = Oracle Receivables Category = Sales invoice - A Ledger =Reference Ledger Method = Manual | 01-JAN-00 | 31-DEC-00 | FATATT_00 |
| Application = Oracle Receivables Category = Encashments B with check Ledger =Reference Ledger Method = Manual | 01-JAN-00 | 31-DEC-00 | INCASS_00 |
| Application = Oracle Receivables Category = Payments B with check Ledger =Reference Ledger Method = Manual | 01-JAN-00 | 31-DEC-00 | PAGAM_00 |
You must define in Oracle Receivables the same documents defined at the System Administrator level:
Use the Transaction Types window in Oracle Receivables to define:
Sales invoices - office A
Sales invoices - office B
Credit memos - office A
Credit memos - office B
Use the Receivable Activities window in Oracle Receivables to define:
Adjustments - office A
Adjustments - office B
Use the Payment Methods window to define:
Encashments - office A
Encashments - office B
Ensure that the name you enter coincides exactly with the value defined in the Form Code field in the Document Categories window under the System Administrator responsibility.
Related Topics
Overview of Setting User Profiles, Oracle Applications System Administrator's Guide
Assigning a Document Sequence, Oracle Applications System Administrator's Guide
Transaction Types, Oracle Receivables Implementation Guide
Receivables Activities, Oracle Receivables Implementation Guide
Defining Document Categories, Oracle Applications System Administrator's Guide
Define specific tax codes relative to custom bills entries
Enter customs bills in a rapid and reliable way
Customs bill entries involve these bookkeeping and managing transactions:
Customs bill entry in the Purchase VAT Register, using as the invoice taxable amount the import value determined by the customs authority and the possible import duties, and using the VAT rate indicated on the document
VAT General Ledger entry in the Purchases VAT account.
You can perform these transactions using the standard functions or an ad hoc developed function to reduce the number of transactions needed to correctly enter the document.
The use of the standard function involves:
The definition of a transitory account named, for instance, Customs bills transitory
The definition of a fictitious bank account using for its payments the above mentioned account
The definition of a Customs supplier
In this example, you want to enter this customs bill:
The amount 39 is paid by the shipper, Delta.
| Line Description | Amount |
|---|---|
| Customs value | 80 |
| Duties | 20 |
| VAT | 19 |
| Total | 119 |
Perform these transactions:
To enter the customs bill for the amount 119 with these counterparts:
| Line Description | Amount |
|---|---|
| Customs value | 80 |
| Duties | 20 |
| VAT | 19 |
To enter the shipper's invoice for the amount 39 with this counterpart:
| Line Description | Amount |
|---|---|
| Customs bills transitory (item) | 39 |
To pay the customs bill using the fictitious bank account and the supplier account Customs with this counterpart:
| Line Description | Amount |
|---|---|
| Customs bills transitory | 119 |
The entry, with the standard functions, involves:
Definition of one or more specific tax codes (one for every rate) to be used exclusively for customs bills VAT. These tax codes must be assigned the tax type Customs Bill. The use of a tax code based on such tax type allows the Purchase VAT Register definition program to assume that the taxable amount consists of the following:
The amounts of the invoice qualified as taxable elements (for example, duties)
Definition of a customs supplier
Definition of a taxable basis formula in Oracle E-Business Tax.
Definition of a taxable basis rule for every customs bill VAT code in E-Business Tax.
To enter a customs bill, you can enter a normal invoice referring to the customs supplier previously selected. The invoice amount to enter is the amount resulting from the total amount of the received bill (VAT + duties) to gain access to the invoice distribution. Enter the custom value line as Item line with amount 0.00, then in the Assessable field enter the custom value amount, and in the Business Category field enter the transaction business category defined in the taxable basis rule for the custom bills VAT code. Enter the duty in another Item line.
While validating the invoice, the application automatically creates the tax lines.
Define specific tax codes relative to self invoices entries
Enter self invoices in a rapid way
Print Purchases VAT Self Invoices and Sales VAT Self Invoices Registers and to carry out with a single transaction entry, entries on VAT accounts, Purchases VAT account, and Sales VAT account
The entry of a self invoice involves these General Ledger transactions:
Self invoice entry on Purchases VAT Register and Sales VAT Register
General Ledger entry of the VAT on the Purchases VAT account and on the Sales VAT account
To allow a correct self invoices entry on VAT Registers, you must:
Define one or more tax codes with tax type Self Invoice, on which the Purchase VAT account amounts are entered
Define one or more tax codes with tax type Offset on which the Sales VAT account amounts are entered and assign them to the tax code with tax type Self Invoice
The use of a tax code based on the tax type Self Invoice allows Oracle Financials to correctly enter the transactions on the VAT Registers.
To enter a self invoice, you can enter a normal invoice against the self invoices supplier. The invoice amount to enter is the sum of items amount.
In this way, you have access to the invoice distribution and enter the Item line with the appropriate Self Invoice VAT Code for every item.
While validating the invoice, the application automatically creates the tax lines.
This topic contains the information necessary to manage specific VAT Subledgers, using the Voucher and the Document Categories definition in Oracle Receivables and Oracle Payables.
A possible structure of Purchase VAT Register and Sales VAT Register for the European Invoice and Self Invoice is:
EU Purchase VAT Register
EU Sales VAT Register
Self Invoices Purchase Register
Self Invoices Sales Register
This register lists all invoices relative to EU purchases entered and posted in the date range of the report. The report submission, the report parameters, the register and column headings are similar to those of the Italian Purchase VAT Register.
See Italian Purchase VAT Register Report for more information.
To obtain this register in Oracle Payables, it is necessary to carry out the following setup procedures:
Define the sequences related to each type of document entered, such as sequences for:
EU invoices
EU debit memos
EU credit memos
Define the document categories relative to the different types of entered transactions, such as:
EU invoices
EU credit memos
EU debit memos
Assign each sequence to the corresponding document category
When you enter the EU invoice, you must enter the document category of the invoice and assign the voucher number. You can request the printing of the EU Purchase VAT Register after the Oracle Payables posting of the transactions.
This register lists all invoices relative to EU purchases entered and posted in the date range of the report, which, as specified by the EU law, must also be entered in the Sales VAT Register. The report submission, the report parameters, the register and column headings are similar to those of the Italian Payables Sales VAT Register.
See Italian Payables Sales VAT Register Report for more information.
It is not necessary to carry out further setup procedures from those for the EU Purchase VAT Register.
During the entry of the EU invoice, for each VAT line reported in the invoice, the application validates and automatically creates the VAT line with the negative amount if the Offset VAT code is assigned to standard VAT code.
After the transactions posting, you can request the EU Sales VAT Register report in Oracle Payables.
The report of the self invoices register on the Purchase VAT Register can be managed in Oracle Payables by a report in which all self invoices entered and posted on the date of drawing are listed. The report submission, the report parameters and the register and column headings are similar to those of the Italian Purchase VAT Register.
See Italian Purchase VAT Register Report for more information.
In order to obtain this register, you must carry out the following setup procedures in Oracle Payables:
Define the self invoices sequence
Define the self invoices document category
Assign the sequence to the corresponding document category
When you enter the self invoice, you must enter the document category of the invoice and assign the voucher number. You can request the printing of the Self Invoice Purchase VAT Register after the Oracle Payables posting of the transactions.
The report of the self invoices register on the Sales VAT Register can be managed, in Oracle Payables, from a report in which all self invoices entered and posted in the date range of the report are listed. The report submission, the report parameters, the register and column headings are similar to those of the Italian Payables Sales VAT Register.
See Italian Payables Sales VAT Register Report for more information.
During the entry of the self invoice, for each VAT line reported in the invoice, the application validates and automatically creates the VAT line with the negative amount if the Offset VAT code is assigned to the Self Invoice VAT code.
In order to obtain this register, it is necessary to carry out, in Oracle Payables, the setup procedures described in the previous section. You must enter the self invoices as described.