EU transaction reportingIf your organization is based in a European Union (EU) member country, you must report your transactions with other EU member countries. Usually, you must submit monthly reports to the tax authorities that monitor the intercommunity transactions and intercommunity movement of goods. You must submit these reports:
Companies in Belgium and Luxemburg must also submit a Belgian Balance of Payments report. The Belgian Balance of Payments report data describes how to set up the master data for the Belgian Balance of Payments report. You can set up LN to collect the data for these reports and to generate the reports. You use the sessions of the Taxation module to perform the following:
In all EU countries, for the European sales listing and the Intrastat report, foreign currency amounts must be converted to the local currency amounts, which are often in euros. If specific currency rates must be used to generate the report, for example, the currency rates used by the Central Bank, you can define these currency rates as described in Using the external exchange rate type.
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