![]() Whether the product consisting of quantity and unit price is equal to the total price per item.The mandatory details of an incoming invoice include the correct names with the official address of the invoicing party and the invoice recipient, a unique invoice number, as well as the correct disclosure of the net invoice amount, the VAT rate charged, and the final gross amount. This tax law specifies a number of formal details that an invoice must meet in order to be claimed as deductible for VAT purposes. The formal check ensures that every invoice received meets the precisely defined requirements for the deduction of input tax pursuant of the German Value Added Tax Act (UStG). ![]() This means that invoices must be subjected to three checks: The actual subject of the invoice, e.g., a service or physical product, was agreed in a previously concluded contract and performed with the provision of a service or delivery of goods.Īn incoming invoice has two important functions in a company: it serves as a tax document for the tax office and as a factual document for a company’s accounting team. Why Incoming Invoices Must Always Be Verifiedįrom a formal perspective, an incoming invoice is a document received by a company whereby a business partner requests payment of an outstanding receivable. And finally, we’ll give you a practical tip on how to make invoice verification in your company faster, easier, and more secure. A short checklist will highlight the most important points you need to consider. After reading this short blog post, you’ll no longer think that checking incoming invoices is a closed book.
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