Asset Transfers in the Generic SAF-T Extract for Romania

Use the enhanced Generic SAF-T Extract for Romania to report on information related to asset transfers, including transfer amount, ending book value, and accumulated depreciation. This enhancement complies with legislative requirements in Romania that require the inclusion of asset transfer transactions in the SAF-T output.

Use the Generic SAF-T Extract to prepare the XML file required by the Romanian tax authorities. This file helps identify the amounts and transactions to consider as Asset Transfers, as defined by Romanian legal requirements.

Capitalization of a CIP asset:

In the Asset master file, an asset transfer is identified as an Addition, but for Romanian reporting purposes, the value added for the asset is listed in the Transfer column and not the Asset Additions column, because this is not a new addition. In the asset-transactions file, you can identify the Capitalization as 'Capitalize' instead of the current 'Addition' so that these transactions can be identified and treated accordingly by the user when creating the final XML file to be given to the authorities.

Asset Reclassification:

When an asset is transferred from one category to another, with the same or different depreciation method and rate, it is marked as : RECLASS. However, there is no change in the Cost Amount of the Asset and the amount of the transaction is listed as zero. For Romania, this is also considered a Transfer. As the extract in its CSV form shows only 1 line per asset in the Assets master file, only the transfer action of the asset is displayed in the new category. The transaction is marked as RECLASS in the asset transactions file so that it is identified. The amount of the asset value to be transferred is also listed.

Asset Transfer:

All current Transfer actions that are marked as such and include the transfer of an asset between two employees, two Cost centers or even two BSVs, are not considered as Asset Transfers for Romania as there is no change in the P&L statement. The current logic for the transfers is not changed because these are marked as such (Transfer) in the Asset transactions file and users can identify and omit them when creating the final xml file.

Revaluation of Asset:

Following the Romanian requirements, the extract lists the Revaluation amount under Appreciations column of the Assets master file instead of the Additions column, without any other update on other columns and no change on the Asset transactions file.

Business Benefit:

The extracted information based on the legal requirements of the Romanian Tax authorities will assist the users for the proper depiction of the asset transfer transactions in the final XML audit file.

Steps to Enable

You don't need to do anything to enable this feature.

Tips And Considerations

  • As with the existing SAF-T file, you may need to work with a local Service Provider to use the information in the csv file extracts to create the final country-based XML file for Romania.
  • These Asset Transfer changes are only used by Romania and are triggered when the Report parameter Format Type is set to Romania.
  • Under the Generic format type the report extracts the standard columns and values for the relative asset transactions.

Key Resources

Access Requirements

No special setups required.