Zatca E-Invoice on Business Central
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ZATCA E-Invoicing, Microsoft Dynamics 365 Business Central– Automated Sales Invoice Distribution
Send all your sales invoices electronically directly from your Dynamics ERP system to your customers, regardless of where they are situated in the world. Start improving the efficiency of your document flow today with a single, digital document flow for accounts receivable automation.
ZATCA E-INVOICING IN SAUDI ARABIA
The Zakat, Tax and Customs Authority (ZATCA) announced the introduction of an e-invoicing law on 4 December 2021. By introducing e-invoicing, organizations can both reduce costs and increase productivity at the same time. They can reduce time-consuming manual work and pay more attention to control, business strategy, and increased collaboration with clients and suppliers.
WHAT DO I NEED TO KNOW?
• It will come into effect in two stages: generation from 4 December 2021, integration from 1 January 2023
law applies to all taxpayers subject to VAT (excluding taxpayers not residing
in the Kingdom), in addition
to any party that issues a tax invoice on behalf of the taxpayer, who is subject to VAT.
• Issuing and keeping electronic invoices, debit, and credit notes: an electronic invoice is generated and stored in data structured files. Paper, unstructured data files, word, excel, PDF generated documents? images or scan copies of images are not considered e-invoices.
THE ZATCA E-INVOICE PROCESS
Whether you are a buyer or supplier,
there are aspects of the e-invoicing process that you must be prepared
for once the mandate is in place. There are two stages involved in the process as defined by ZATCA.
• Generation: generate and issue invoices electronically in the ZATCA defined format
• Integration: report the invoices to ZATCA
An e-invoicing rollout brings several
positive impacts for businesses. Through this digital transformation
opportunity, businesses will experience:
· Faster payments
· Reduced costs
· Reduced costs
· Faster processing and payment cycles
· Increased AP productivity
· Focus on high-value activities
· Increased accuracy
· Improved cash management