slides on electronic invoicing

8/7/2019 slides on electronic invoicing

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Electronic Invoicing


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Definition (Invoice)

An invoice or bill is a commercial document issued

by a seller to the buyer, indicating the products,quantities, and agreed prices for products or

services the seller has provided the buyer. An

invoice indicates the buyer must pay the seller,

according to the payment terms.


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Introduction

An invoice is essentially a detailed bill left by

vendors and outside suppliers for goods or services

rendered to a company. A typical invoice might list

the quantity of each item, prices, billable hours,

service description and a contact address for

payment. An invoice is usually paid through andaccountable department by the posted due date.


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The issuing of invoices

Any taxable person or non-taxable legal person

who makes any supply, other than a supply in

respect of which a tax invoice is required to beissued in terms of article 50, shall provide to the

person to whom the supply is made an invoice,

Thirteenth Schedule.


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The issuing of invoices

Obligation to issue an invoice:

Supplies of goods and services to andpayments onaccount by:

taxable persons and non-taxable legal persons

Supplies (to a.o. non-taxable private individuals): distance sales intra-Community supply of a new means of

transport intra-Community supply of an excise product


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Intra-community supply

Intra-community supply relates to goods suppliedby a business in one European union member state

to a business in another union which have beendispatched or transported form the territory ofcountry to another country as result of such supply


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REGULAR INVOICING = invoice issued by the supplier

SELF-BILLING = invoicing done by the customer:

Prior agreement between parties

Procedure for the acceptance ofeach invoice by the

supplier/service provider The use of self-billing is subject to a (prior) approvalby the

Commissioner, except when the customer is the personliable for the tax on the supply concern.

OUTSOURCING = invoice issued by a third party in nameand for the account of one of the parties of a transaction


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E-invoicing

The automated process of issuing, sending,

receiving and processing invoice data by

electronic means.


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E.Invoicing

Modern, reliable, secure and practically paperless method

of handling and processing invoices for goods, services andother transactions.

Both companies and private consumers can receiveinvoices in electronic format.

Effective and cost-efficient, and has potential for greatsavings

E-invoicing can halve invoicing costs compared to invoicingwith printed invoices


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E.Invoicing

Distribution of invoices mainly by eInvoice operators

Contracts between operators

B-2-B

RosettaNet specification implemented especially in

electronic industry


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How the E.invoicing Forum Works?

The main focus is to develop co-operation betweenor Fum

member organizations in the area of eInvoicing

Promote and accelerate the development between differentparties and to increse co-operation and information sharing

Find the acute areas and topics that need to be operated on

Twice a year a free-of-charge meeting for members


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Electronic invoicing (EDI)

Invoice

Order Acknowledgment

Purchase Order

Price QuoteBuyer Seller

EDI

(Closed) Network

Payment

Instruction

Payment

Network

Payment

Processing & Settlement

Advice

Payment

Originating BankR

eceiving Bank


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Benefits ofE-Invoicing

There are no printing and envelope costs of paper

invoices and putting them in the envelope. There are no mailing costs associated with e-

invoicing

There are no costs associated with opening invoiceletters

Time and money is also saved with easy fast filingand retrieval in computer systems


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Extremely Easy to use

Credit card and/or ACH (electronic check)acceptance.

Send unlimited invoices

Email or print invoices

Direct deposit of funds into checking account

Automated recurring invoicing


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Automated past due reminders

Automated email receipts

Convert invoices and receipts to PDF for electronicfiling

Customize frequency of recurring invoices and pastdue reminders

Customize email content of invoice and past duenotices

Payment and status reports of outstanding, paidand past due invoices


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Tip field for food/catering businesses (optional)

Ability to post promotional messages to Website

portal Web-based solution; No software to download or

maintain

Customizable tax rate

Attach document files to emails Ability to monitor receivables across multiple

business units (Franchise Manager

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