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Product Updates 409, 408 and 407: Further enhancements on Model 303 for VAT returns year 2014 (Spanish legislation)

Previously, some adjustments have been made to Model 303 reflecting the VAT requirements for the sales, purchase, and credit notes from year 2014 onwards. For more information, see Product Updates 408, 407, and 406: Model 303 upgraded for VAT returns year 2014 (Spanish legislation).

According to the latest Spanish VAT regulations, all the sales, purchase, and credit notes must correspond to any deductions or reversals of the original invoices in VAT boxes 14, 15, 25, 26, 40, and 41. Hence, taxpayers are now required to include information on the corrections made to all invoices in their tax submission. As of product update 407, several changes have been introduced to support the act. These changes are:

Creating corrective invoices

From product update 407 onwards, all invoices created from the credit notes which were added earlier to processed sales and direct invoices will be regarded as corrective invoices.

Correction invoice check box introduced in financial entries

This check box has been made available in both the sales and purchase journal entry screens for you to indicate the entry as a correction, which otherwise will be recorded as a normal invoice entry by the system. However, you can revert the entry from correction to normal or vice versa whenever necessary.

Exporting and importing information on corrective invoices via XML functionality

An additional attribute has been added to the XML to denote the corrections in the XML import and export files which you generate for your financial entries.

Correction column added to the debtor cards, creditor cards, and VAT Invoice list screen

In line with this change, the Correction column has been made available in the debtor cards, creditor cards, and VAT Invoice list screen via Finance ? Accounts receivable ? Cards, Finance ? Accounts payable ? Cards, and Finance ? VAT/Statistics ? Invoice list. However, this column will be displayed only if you have selected Card or Receivables at Display and None at Group by in the debtor cards, as shown in the following example:

In the creditor cards, select Card or Payables at Display and None at Group by to display the Correction column. The same column in the VAT Invoice list screen is displayed by default.

Changes in the VAT Invoice list screen

You can now switch normal invoices to corrective invoices, or vice versa by clicking the newly added Change button at the bottom of the VAT Invoice list screen via Finance ? VAT/Statistics ? Invoice list. This button is only enabled when the following types of invoices are selected:

• Sales invoices only, corrective sales invoices only, or both
• Purchase invoices only, corrective purchase invoices only, or both

Once you have clicked the Change button, you will be requested to select the type of transaction you want to change for the invoices. The options displayed at Transaction vary depending on the invoices you have selected before clicking the Change button. The available options are:

• Sales invoice – This option will be displayed only if the sales invoices, sales corrective invoices, or both are selected prior to the change. Select this option to change the transaction type from corrective sales invoices to sales invoices.
• Purchase invoice – This option will be displayed only if the purchase invoices, corrective purchase invoices, or both are selected prior to the change. Select this option to change the transaction type from corrective purchase invoices to purchase invoices.
• Correction invoice – This option will be displayed regardless of the types of invoices selected prior to the change. Select this option to change the transaction type from sales invoices to corrective sales invoices, or from purchase invoices to corrective purchase invoices.

Once the changes have been committed, the results will be displayed in the VAT Invoice list screen. If you have selected the default blank option, no changes will be updated to the selected invoices. All corrective invoices are automatically indicated with the green check mark in the Correction column.

Changes in the VAT overview screen

Several adjustments have been made to ensure that the amount in the VAT boxes are computed correctly to reflect the above changes for Model 303.