SMART business continues to implement new solutions within the framework of its strategic Localization HUB direction. The project is aimed at creating localized solutions for different markets, which helps to integrate regional business peculiarities into modern software products. SMART Localization for Moldova and SMART WHT Localization for Moldova are new solutions that help to implement this strategy. The functionality of the system allows entrepreneurs in Moldova to keep records in accordance with local legislation, ensuring accuracy and efficiency in financial transactions. The solutions are based on a deep understanding of the requirements of the local and international markets, which was formed through close cooperation with our customers in Moldova and other countries of the world.
SMART Localization for Moldova helps automate financial accounting, purchase and sale processes, long-term asset management and optimizes work on various types of reporting. Since the solution takes into account the specifics of tax legislation and accounting standards of Moldova, local companies receive a modern tool adapted to business processes typical for the local market. This is the result of the fact that SMART business carefully studies new regions before localizing its solutions, integrating the experience gained into the functionality of its products.
SMART Localization for Moldova functionality
- Integration with the National Bank of Moldova for automatic import of exchange rates.
- Integration with Moldovan banks, which makes it possible to export payments and import statements using the banks’ format.
- Localized sales process – numbering of sales documents (Invoices) within the range received from tax authorities, together with a localized printed form and E-invoices of sales, as well as their integration with the portal of the State Tax Service.
- Localized purchase process – creation of documents on purchase from individuals and their numbering within the range received from tax authorities.
- Unrealized VAT functionality, allowing you to include a partial or full amount of incoming tax in expenses, cost of goods or cost of fixed assets.
- Possibility of manual VAT adjustment with reflection in tax reporting.
- Accrual of the VAT amount on the received advance with its removal from accrual in case of closing the prepayment with a sales document.
- Reports on Sales and Purchase VAT Invoices: Sales Ledger and Purchase Ledger.
- Calculation and accrual of the VAT amount for imported goods and services.
- Generation of a VAT declaration in the system together with an export for subsequent submission to the tax authorities.
Solution benefits
- Advanced functionality for sale and purchase processes:
- Contract management and accounting,
- Accounting for advance payments in local and foreign currencies,
- Accounting for prepayment rates,
- Accounting for advance reports.
- Advanced Fixed Assets functionality:
- Commissioning of fixed assets,
- Movement of fixed assets,
- Write-off of fixed assets,
- Physical inventory of fixed assets.
- Operational reporting:
- General Ledger turnover for different types of analysis,
- Advanced functionality of financial reporting for various sources, such as Vendor, Customer, VAT and other records.
SA_Moldova Printed Form Sales 1
SA_Moldova VAT Setup 2
SA_Moldova WHT Entries 3
SA_Moldova WHT Calculation 4
SA_Moldova VAT Declaration 5
SMART Localization for Moldova provides a reliable technical base for stable operation, improved management and effective scaling of businesses with different areas of activity: production, logistics, commerce, etc. A special advantage of SMART business products is that they complement the international ERP system Microsoft Dynamics 365 Business Central with their extensive functionality. It is this synergy that ensures convenient management of not only the financial segment, but also other related business processes within a single digital environment.
At the same time, SMART WHT Localization for Moldova allows businesses to automate WHT calculation processes in accordance with the legislative requirements of Moldova. This localization provides easy setup of income tax at different rates for different types of services and vendors, which is important for compliance and optimization of tax expenses.
All this is possible thanks to the following functionality of SMART WHT Localization for Moldova:
- WHT calculation for local and foreign vendors in accordance with Moldovan legislation,
- Setting up different WHT rates when purchasing both goods and services,
- WHT calculation when posting relevant entries,
- WHT amount calculation based on the source document automatically and at the time of payment, if the source document is not applied,
- Cash method of WHT accrual,
- Agreements on the avoidance of double taxation as a criterion for determining the correct amount of WHT.
Solution benefits:
- Flexible – easy setting of different WHT rates for different services and vendors.
- Time-saving – automation of WHT calculations when carrying out transactions.
- Efficient – minimizes the risk of errors.
- Analytical – provides an overview of all details on WHT accrual (accrual base, WHT amount, etc.).
SMART WHT Localization for Moldova is an integral part of the suite of solutions for localization of accounting and tax accounting of Moldovan businesses. In combination with SMART Localization for Moldova, this solution becomes an even more powerful tool for full control over financial and tax accounting in the company.
The products are already available on AppSource:
SMART Localization for Moldova – appsource.microsoft.com
SMART WHT Localization for Moldova – appsource.microsoft.com
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