All the reports mentioned below provide country specific statements which are required by Hungarien Financial Authority.
Companies in Hungary are entitled to reclaim value-added tax (VAT) for paid invoices in certain circumstances. They can include in the VAT recoverable report only those vouchers that are paid in the reporting period. The localization program generates the declaration only for vouchers that are paid in the reporting period.
If you are a VAT registered entity, you must submit a monthly VAT report to the tax authorities. The VAT report includes the taxable amount and the tax amount according to the tax rates and nature of the transactions. The report that is generated by the Hungarian VAT Report program lists VAT taxes grouped by the VAT summary code.
In Hungary, VAT registered entities must submit monthly VAT returns to tax authorities that summarize the taxable and tax amounts according to the tax rates and nature of the transaction. The localization for Hungary provides two EU sales reports. The Hungarian EU Sales Report program reports on records in the Customer Ledger table (F03B11). The EU Transaction Summary Report program reports on records in the Taxes Table (F0018). These reports list the sales transactions in a detailed or summarized mode.
Special form of Online VAT Reporting has been implemented in Hungary. All the outgoing invoices have to be submitted to the Tax Portal within 24 hours after their issuance. This reporting cannot be processed manually, only machine to machine communication is allowed. Users receive direct reply whether the invoice has been submitted correctly and whether any action from their side is required.
Algotech prepared new solution which can ensure smooth communication between E1 and NAV Online Portal (Hungarian Tax Portal). Outgoing invoice is automatically generated into XML format after the invoice print is submitted by the user. Generated XML file is automatically transmitted to NAV Portal. Special application which tracks the status and the history of the whole NAV communication is part of this solution and simplifies users’ daily work with outgoing invoices.
The Trial Balance by Category Code report prints a statutory account (category code value) on a trial balance instead of the business unit. object. subsidiary account code. The category code indicates the account number, and the category code description indicates the account description. The report is used to obtain debit and credit totals, and to supplement your chart of accounts reporting for multinational companies and for statutory accounting.
The Trial Balance by Object Account program is used to print the total debit and credit amounts for each account in any given ledger. The report displays opening balance, debit, credit, and closing balance columns.
Product is based on E1 system standard functionality. Modul enables user to generate electronic payment orders, i.e. to generate text file. It is very easy to import generated text file to bank application used to communicate with bank.
The generated text file format is easy to set up in order to meet different bank requirements. The format setup does not require any program changes. It is possible to generate either domestic or foreign payment orders.
Main product advantages:
Product is based on standard E1 functionality and enhances the payment module
Product reliability
Duplicate payments elimination
User time and work reduction
Easy and intuitive usage
Payment orders format flexible setup without any programming
Time-proved product reliability
The product functionality is fully integrated with E1 system. It enables user to automatically import electronic bank statements received from bank. During bank statement import process, incoming cash receipts and outgoing payments are generated in the system and matched to the related customer or supplier vouchers (if matching criteria are found). Unmatched transactions can be processed manually.
The product allows to define electronic bank statement format with minimal programming effort. The implementation costs of additional standard bank format MT940 (within already implemented country or for new country) are minimized to the costs related to bank format setup. The whole functionality is covered by global license which is paid with first implemented format.
Main product advantages:
Automatic matching of 99 % payments
User time and work reduction
Easy bank statement imports
Easy imported bank statement to process
Easy electronic bank statement format set up or modification
Simple and clear reports related to the bank statement import
Time-proved product reliability
The product in addition to standard Invoice Print Program offered by Oracle JD Edwards, automatically prints all necessary phrases which should be used according to the origin of products or services, it works with advanced payments, tax documents and prints necessary tax summarization. The output could be adjusted based on individual requirements.
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