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AutoCount Self-Billed E-Invoice:
Using Purchase Invoice & AP Invoice

Introduction to Purchase Invoice & AP Invoice In Self-Billed

For businesses importing goods or managing payments to foreign suppliers, self-billed e-invoices ensure financial transparency and compliance with taxation regulations. Using purchase invoices and accounts payable (AP) invoices in AutoCount simplifies the generation and management of these invoices. This article explains the process, highlights key steps, and offers tips for ensuring compliance.

AutoCount Self Billed E-Invoice: Using Purchase Invoice & AP Invoice

Discover the process of generating self-billed e-invoices with purchase invoices and accounts payable (AP) invoices in the AutoCount system for efficient bookkeeping.

What Are Purchase and AP Invoices?

Purchase Invoice

A document used to record the purchase of goods or services, particularly from suppliers.

AP Invoice

Accounts Payable invoices focus on recording liabilities owed to suppliers, ensuring accurate bookkeeping.

  • Role in Self-Billing

    Both types of invoices act as a foundation for generating self-billed e-invoices. They capture essential transaction details like quantities, amounts, and tax references.

Steps to Generate a Self-Billed E-Invoice Using Purchase Invoice

The process for generating a self-billed e-invoice is similar whether you use the Purchase Invoice or the AP Invoice module. Follow these steps:

Step 1: Creating a New Purchase Invoice

  • Navigate to Purchase > Purchase Invoice.
  • Create a new invoice, selecting your foreign supplier.
  • Input essential details, such as: Imported item descriptions, Quantities, Total amounts.
  • Click Approve to save the purchase invoice.

Step 2: Inputting Necessary Information

  • Ensure tax details, including the tax entity, are correctly entered.
  • For transactions involving foreign suppliers, include their specific tax numbers if available.

Step 3: Incorporating K1 Form Information

Upon receiving the K1 Form No:

  • Right-click the purchase invoice and select Copy to a New Self-Billed Transfer.
  • Navigate to the Annexure tab and input K1 Form details:
      • Customs Form Reference Numbers in the mandatory field.
  • Verify all fields are complete before proceeding.
  • Upon validation, the system will generate a unique e-Invoice UUID.

Special Cases and Guidelines

Handling Multiple Landlords

  • For multiple landlords, issue separate invoices for each entity, ensuring individual classification codes are applied.

Foreign Sellers

  • No obligation exists to share self-billed invoices with foreign suppliers.
  • Proper classification is essential:
      • Code 035 - Self-Billed Importation of services.
      • Code 034 - Self-Billed Importation of goods.

Timing Requirements for Self-Billed Invoices

  • Self-billed invoices must be issued by the end of the month following the transaction date. For example:
      • Transactions on July 1 or July 28 must be invoiced by August 31.

Ensuring Compliance with Classification Codes

Classification codes are mandatory for accurate tax reporting:

  • Code 035: Self-Billed Importation of services.
  • Code 034:  Self-Billed Importation of goods.

Assign these codes during the creation or validation of self-billed invoices to ensure compliance.

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Conclusion

Purchase invoices and AP invoices are integral to generating self-billed e-invoices for foreign transactions. By following proper procedures and leveraging AutoCount’s automation features, businesses can maintain compliance and streamline their operations. Invest in the right tools and practices today to manage your invoices with confidence.

FAQs

K1 Forms provide customs-related information essential for validating self-billed e-invoices.

Foreign suppliers are typically not obligated to accept or acknowledge these invoices.

Refresh the status in AutoCount. If unresolved, check for missing fields or contact support.

Late issuance of self-billed invoices may result in tax compliance issues or penalties.

AutoCount prompts users to assign appropriate codes during invoice creation.

Revisions require approval workflows and may involve creating new self-billed transfers.

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