Using the IT solution SIVECO Applications 2020 – Project: Cloud companies can automatically apply VAT upon collection | SIVECO Romania

Using the IT solution SIVECO Applications 2020 – Project: Cloud companies can automatically apply VAT upon collection

Friday, December 14, 2012
The Financial - Accounting Management Component was updated in order to meet the new legislative requirements that have to be applied starting January 1st, 2013

Companies can adopt the new system of paying the Value Added Tax (VAT) by means of the integrated information application SIVECO Applications 2020 Project:Cloud from SIVECO Romania.

"Our business management information system is 100% Romanian and therefore it is easily adapted to the changes appearing in our legislation. Through the Financial-Accounting Management component, companies can automatically register the VAT afferent to invoices, as well as the exigible and non-exigible VAT, at the same time with invoice collection, as set by the new legislation. The VAT ledgers are updated according to the Fiscal Code application norms, while the VAT reimbursement and the Statement 300 respectively - submitted every month to the Fiscal Administration - are made based on them", declared Ştefăniţă Ghiţă, Development Manager SIVECO Applications.

As of January 1st 2013, the VAT exigibility occurs at the moment of collecting the equivalent value of the deliveries / services performed or, in case of invoices not collected yet, in the 90th calendar day since the date of invoice's issuance.

The new system for VAT payment has to be mandatorily applied by two categories of taxpayers: the companies with maximum turnover of 2,250,000 Lei and the taxable persons who register for VAT purposes during 2013.

The Financial- Accounting Management component ensures a full and uniform control of the financial flow of the primary documents, a full financial-accounting record at the synthetic and analytical level. The month closing operations can be simulated at any moment, and the informing and synthesis documents required by the legislation in force will be printed automatically.

The Financial- Accounting Management component has a scalable, n-tier architecture. This is part of the SIVECO Applications 2020 Project:Cloud core package, ensuring performance monitoring for any economic activity. The module interacts with the other system components, through complex workflows. Practically, any value related information resulting from the business activities is immediately reflected in the Financial - Accounting Management component.