Type: Webcast
The Accounts Payable process in a company must contain solid checkpoints for recording the VAT on incoming invoices correctly. The process should at least include a check if the supplier correctly charged VAT or not, if the invoice meets the VAT invoicing requirements, and if the input VAT is recoverable.
A mistake in this process can result in assessments if a company recovered (too much) VAT on wrong invoices, or in missing out of VAT in case deadlines are not met or invoices are posted with a wrong tax code.
Especially if the AP process includes manual selection of tax codes, mistakes can easily occur. It is therefore important that companies ensure that the AP process is robust and that sufficient controls are in place, for example by using specific tools such as SAP Ariba.
Companies that use SAP Ariba may want to look at a webcast video that was published by Vertex. The video can be found HERE.