VAT sales and purchase books
Tax authorities are required to produce periodic submissions of invoice details for accounts receivable and accounts payable.
Submissions may be required monthly, quarterly, or annually, and are generally in electronic format. The tax authorities can use the information to cross-check data from trading partners and to ensure that the correct taxes are paid.
Chile specifics
The Purchase and Sales Register (RCV) replaces the obligation to carry the Book of Purchases and Sales. The RCV also replaces the obligation to send the Electronic Purchasing and Sales Information to taxpayers who are authorized as electronic issuers.
The Purchase and Sales Register is a system that is composed of two records: a purchase record (RC) and a sales record (RV). The purpose of the system is to support the taxpayer's operations that are taxed, exempt, and not taxed, allowing the control of value added tax.
This register is supplied by electronic tax documents (DTEs) that have been received by the Internal Revenue Service. For tax documents received and issued in support, other than electronic, they must be informed by the taxpayer by incorporating them into the corresponding register. The corresponding register refers to either purchase or sale, either individually, or in summary.
How Infor meets the requirement
The VAT Sales reports are generated in LSP by the successful triggering of the BOD along with other required master BODs. The corresponding output are viewed in IDM.
The VAT Purchases reports are generated in LSP by the successful triggering of the BOD along with other required master BODs. The corresponding output are viewed in IDM.