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How K/3 system support invoice printing in GTS

How K/3 system support invoice printing in Golden Taxation System  
 

For tax collection purposes, electronic invoicing for combined business and tax purposes is not allowed in China. Fapiao, a special official paper invoice with a fixed format and a unique invoice number produced from the state tax bureau is compulsory. Fapiao from suppliers is a must supporting document for Input VAT deduction and Fapiao to customers is the basis of Output VAT calculation.

While electronic invoicing is not allowed, Chinese government acknowledged the benefits of using information technologies for tax control. This has led to the creation of the Golden Taxation system. The Golden Tax system, i.e. Jinshui system, is an on-line invoice checking network based on paper invoices, and it is being rolled out gradually. Where the system is in place, the PRC tax law stipulates that all VAT invoice (Fapiao) must be printed out from this Jinshui system and carry a unique Fapiao number generated by it.

In order to avoid double entry of invoice information, the K/3 system provides a standard interface to link to the Jinshui system, and thereby streamlines the process of creating VAT invoices. The interface exports invoice data from K/3 system and converts the format in order that the data can be identified, read by and printed out from Jinshui system. After the invoice is processed in Jinshui system, the invoice number generated in Jinshui system will be written back to the corresponding K/3 system invoice for the data tracking purpose.

 

The benefits of the interface solution:

  • Avoid re-input of invoice information, improve productivity and reduce possible manual mistake.
  •  Ensure relevant invoice data be passed over to Jinshui System and printed out as official VAT Fapiao.
  •  Ensure the unique VAT invoice number generated in the Jinshui System be written back to Kingdee invoice.
  •  Satisfy national tax bureau’s requirements for VAT invoice management and tax report.