Bank statement messaging
ERPs are required to support bank statement messages in formats that are provided by banks. Typically, the message data is imported by bank customers to their cash management or general ledger systems and reconciled with the underlying ERP cash transactions.
Bahrain specifics
A bank statement that is issued by a bank can be treated as a valid tax invoice when it contains this information:
- The name, address and tax registration number (TRN) of the bank
- The name and address of the customer
- The date of issue of the bank statement
- The VAT rate applicable for each supply
- The amount of VAT due for each supply
Bank statements that are treated as tax invoices must be issued within the deadline for tax invoices. That is, by the 15th day of the month following the month during which a tax due date is triggered.