VAT periodic reporting

Requirement

VAT reporting is usually a periodic process. In Brazil, for most companies, taxes must be reported monthly.

M3 solution

The information required to report taxes can be generated with the Brazilian fiscal books functionality where the 21 legal reports can be issued. The exit and entry documents can also be issued.

Fiscal books are legal registers of all documents that are issued or received. A document is identified as an exit document or an entry document. A document can be issued for the exit of goods to be authorized by the customs and, in this case, is not an invoice that is sent to or received from the customer or supplier.

Legal requirements are supported:

• Fiscal books are for goods and services.
• Documents must be identified as exit and entry documents.
• 21 legal reports from the fiscal books register are required.
• Manual entry must be possible.

Business practice requirements are supported:

• Fiscal books can be populated from accounts receivable invoices and accounts payable invoices.
  • Separate functions are available for accounts receivable invoices, accounts payable invoices, and accounts payable services.
  • From the Accounts Payable module, users can include, or not, customer invoices for return, as entry documents.
• Users can manually create invoices directly into M3 fiscal books.
• Users can change the CFOP code using a specific function for the control of accounting transactions.
• Pages number are handled for the chronology of documents.

Configuration guidelines

Not applicable.