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With a focus on digitizing business processes, the authority of Saudi Arabia has introduced a slew of measures. As per the regulation issued by Saudi Arabia’s General Authority of Zakat and Tax (GAZT), businesses will be required to implement e-invoicing (Fatoora) from 4th December 2021 onwards.
The move of introducing e-invoicing by the GAZT comes under the pretext of limiting shadow economy and promoting fair competition among businesses, thereby protecting consumers. It also aims to control commercial and tax fraud, thus enabling a better business outcome. Now, being a business operating in the Saudi Arabia, you might have some questions like what is e-invoice? How to seamlessly shift to an e-invoicing process? How to generate e-invoice instantly in TallyPrime? Here’s what you need to read to get insights into it.
E-invoice refers to the digital tax document of any B2B transaction and this concept requires businesses to store electronic invoices and notes using compliant e-invoicing software or any other electronic system. It should be noted that scanned or photocopied invoices are not considered as e-invoices.
|Best e-Invoicing (Fatoora) Software in Saudi
As a rule of thumb, all VAT-registered business entities are required to generate e-invoices to remain compliant with the e-invoicing regulations.
To begin with the e-invoicing process, your business management software should generate and store electronic invoices and notes as per the guidelines issued by ZATCA. Being an inclusive software, TallyPrime is compliant with Saudi Arabia's e-invoicing mandate. Here's how you can generate e-invoicing with TallyPrime in Saudi Arabia:
TallyPrime is an intuitive software that just requires a one-time setup, post which you can start generating and printing e-invoices easily. With a quick enable, record and print, TallyPrime will take care of all business processes:
With TallyPrime, businesses can quickly generate e-invoices, without any hassle. Being an intuitive software, it requires a one-time setup to start generating and printing e-invoices. Additionally, it quickly adapts to your working style while providing you with the flexibility to create reports. To generate e-invoices in TallyPrime, all you need to do is enable e-Invoice, record transactions, print invoices, and view e-Invoice reports in TallyPrime.
e-Invoicing in TallyPrime is as easy as 1,2,3…enable, record and print e-invoices. Let’s start with one-time configuration to enable e-invoice
To get started with e-invoicing, you will need to enable e-invoicing for a Company. To enable, Press F11→ Set ‘e-invoicing applicable’ to ‘Yes’ →Mention the applicable date →Enable ‘e-invoice for B2B transactions’ →Archive e-invoices’ to store a digital copy of the invoice in XML.
Enabling e-invoice in TallyPrime
Voucher type configuration
The next step is to enable e-invoicing for voucher types (transaction type) for which you want to generate e-invoices. This includes sales invoice, both tax invoice and simplified invoice, credit note and debit note.
To get started follow the below-mentioned steps:
After you have done the one-time configuration to enable e-invoicing, you are all set to record and generate e-invoices. The best part is that e-invoices can be printed in a bilingual format as per your requirement.
e-invoice in TallyPrime
Bilingual e-invoice in TallyPrime
e-invoice report using TallyPrime
e-Invoice event log shows various events related to e-invoice transactions such as created, tampered, etc. with user’s details and time stamp. To get an e-invoice experience, book a free trial of TallyPrime today!
Read more on Saudi Arabia VAT
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