Implications for accounting software and conclusion for the accounting community

Implications for accounting software

This level of detail requires a major overhaul and update of the accounting programs used. The software must be able to not only store, but also export this information for each line of each invoice, regardless of whether it is managed quantitatively in a warehouse. Accounting software providers and the companies themselves will have to invest time and resources to ensure compatibility. It is advisable to start testing these functionalities as early as possible, even for companies for which the obligation will arise at a later stage.

Conclusion for the accounting community

The introduction of SAF-T reporting will require a fundamental change in the way many accounting companies process and record invoice data. The requirement for “line by line” detailing of all invoices, regardless of their accounting treatment as a direct expense, is a serious challenge. It is key to understand that the SourceDocuments section should reflect the content of the original document, line by line, if it is detailed. While the accounting recording in GeneralLedgerEntries can be more generalized (e.g., one line for an expense for stationery), the invoice itself in SAF-T requires greater detail, if so issued by the supplier. The mandatory fields are numerous and require accuracy, as well as the correct use of the nomenclatures defined by the NRA. Despite the presence of optional fields, for completeness and avoiding subsequent questions, it is advisable to fill in the most correct and relevant information.

All this requires not only rewriting and adapting accounting software, but also dedicating significantly more time to processing documents in accounting firms. Given the tight deadlines for submission, especially for the monthly SAF-T file (by the 14th), it is of utmost importance that businesses and software developers start their preparations in a timely manner, even if the obligation comes into effect for them at a later stage than the planned phase-in. Careful planning and testing of systems will be key to a successful transition to the new reporting regime.

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Source: KIK.BG

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