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For VAT filing, the software vendors must ensure that
- Their tax accounting software provides a reporting facility for the efficient generation of information necessary to prepare VAT tax and return.
- Provides the issuance of tax invoices, credit/debit notes and self-billed invoices that comply with the VAT Legislation.
- Capture key data elements necessary for the generation of a VAT Return file.
- Helps the taxpayer in filing VAT returns automatically.
MyReport, for such businesses, will prove extremely beneficial.
1. Data Extraction
Capture the right data elements by connecting to any ERP/ Transactional system. Store the transformed data by creating a data warehouse.
Transform and massage the extracted data elements to build the right data models.
3. Creation of VAT Upload Ready Files
Generate the standard VAT Return File, VAT return File for FTA Audit file, Tax Invoices, Credit Notes/ Debit notes from these data models.
4. File Transfer
MyReport will help in automatically updating the created file and mailing or transferring it to a file folder (FTP) at required number of intervals.
Business can now upload these files from FTP to the FTA E-Tax Portal.
- Update your VAT ready CSV files at a desired frequency.
- Generate additional VAT Reports for Trend Analysis, VAT Related compliance and analytical reports.
- Optimize your data in such a way that it improves the performance of file creation.
- Reduce the chances of manual error because of automation in file creation and reporting.
- Multiple options for graphical representation of reports- Bar graph, pie chart, line graph, speedometer, Area, Radar, etc.
MyReport with its unique capability becomes an effective solution for bridging the last mile connection and automatically extract the data out of your back ends, ERP’s (Many to One) and convert it into the upload ready format for VAT upload via FTA.
MyReport Data: Can connect to any back end or ERP’s like SAP (Through CDATA), Oracle Apps, Navision, Axapta, QuickBooks, Epicor, Orion, Tally etc. or any another custom ERP.
MyReport Datarun: Can extract the desired information on a set frequency and store it into the Data warehouse.
MyReport Messenger: Can automatically convert the data into required upload ready formats in xls or csv and dispatch it to FTP or to a mail recipient.
Advantages of MyReport as a Connector for VAT filing
- No Coding required in your ERP and Transactional Systems.
- System Independent connection: Can connect to multiple systems, back ends, Flats files at the same time.
- Retain upload ready data history in database for future use and audit.
- No load on ERP systems or transactional systems to collate the data in VAT format. Data fetching can happen during off peak hours while file conversion can take place at the day end.
- Quick and Easy to change the data fields in future if requested by FTA.
- Quick and Easy custom, fixed filed definition. Improve performance of the file creation and reporting through Indexing and Primary Key functionality.
- Create XLS, CSV, PDF format and get them automatically mail or transferred to a FTP – File Folder at any number of intervals.
- Use Upload Data DATABASE and VAT DATABASE for further reconciliation, reporting and Analysis.
- Use MyReport DATA for building additional models from other modules for report building and MIS.