Invoicing
Requirement
In the Bahamas, invoices must show this information:
- The taxpayer's identification number (RTN)
- The supplier's name, address, and VAT registration number
- The customer's name and address
- The type of supply
- A description of the supplied goods or services
- The quantity or volume of the supplied goods or services
- The rate of VAT
- The rate of any offered cash discount
- The total VAT payable
A taxpayer must generally provide a VAT invoice for all taxable supplies made, including exports. An invoice is generally necessary to support a claim for input tax credit. If the nature of the business makes it impractical for a taxpayer to issue tax invoices, the VAT authorities may authorize the use of cash registers and computerized systems to issue receipts instead of invoices.
The Honduran invoicing regulations establish that taxpayers should request an authorization from the tax authorities to print invoices or receipts. Taxpayers may use two methods in order to obtain their invoices or receipts:
- Printing through printing houses
- Self-printing through cash registers or computer systems connected to their accounting systems
Invoices or receipts that are self-printed by taxpayers include a bar code that contains important information about the transaction, which exempts taxpayers from having to enter the data manually into their accounting system.
M3 solution
Invoicing is probably the function in M3 that is most affected by localization rules. The requirements for this country are supported by various invoicing features in M3.
The approval of the printing must be done by each customer.
Configuration guidelines
| Program ID | Program name | Description or comment |
|---|---|---|
| MFS165 | Internal Invoice Series. Open | |
| MFS167 | Settings - Invoice Numbering Rule | |
| CRS405 | FAM Function. Open | |
| ARS120 | Customer Invoice. Enter Manual | FAM Function AR20 |
| ARS160 | Interest Invoice. Open | FAM Function AR50 |
| ARS380 | Customer Invoice. Create fr Payment Plan | FAM Function AR95 |
| COS180 | Maint Invoice. Print | FAM Function CO20 |
| FAS130 | Fixed Asset. Sell | FAM Function FA50 |
| MFS100 | Internal Invoice. Create | FAM Function MF01 |
| OIS180 | CO Invoice. Print | FAM Function OI20 |
| POS180 | Project Invoice. Print | FAM Function PO20 |
| SOS180 | SO Invoice. Print | FAM Function SO20 |