KGT developed an SAP add-on solution to avoid that GreeceMyData causes your VAT return to be rejected. It is crucial to avoid such a significant tax reporting risk.
Due to the grace period, no penalties are raised when GreeceMydata is not submitted. It is, however, rumored that the grace period might end soon. The current risk is, however, not GreeceMyData but the acceptance of the VAT return submission. In its Ministerial Decision of February 6, 2024, the VAT return submission is only accepted if a sufficient amount of GreeceMydata is submitted. That applies if GreeceMydata differentiates less than 30% of the VAT return submitted. The authorities will decrease the 30% threshold in due course.
What features does the KGT SAP add-on provide that you can compare with other solutions for vendor selection?
1 - Outbound features of the SAP add-on
- Once installed in your?SAP environment, the SAP add-on solution simplifies the outbound invoice management process. All messages are?triggered by SAP to myData, ensuring that the primary data remains in SAP and all legal processes can be managed without the need for a third-party platform. This straightforward approach empowers you to handle all aspects of invoice management with ease and confidence.
- The KGT SAP add-on solution enhances the efficiency of your invoice management process. When documents are submitted, the solution collects the approval or rejection response and stores it in the user cockpit in SAP. The solution provides detailed rejection reason information for rejected scenarios, guiding you toward the necessary corrections. This streamlined process ensures that your submissions are managed effectively, giving you peace of mind.
- For approved submissions, the KGT solution can also receive the "qrURL" details, which are converted again by the KGT SAP add-on solution. After a discussion with the client, the QR code image can also be placed on the invoice smart?forms for legal purposes.
2 - Inbound features of the SAP add-on
- From a vendor invoice (inbound) perspective, the KGT SAP add-on solution is integrated with myData APIs, a set of tools and protocols that allow the SAP system to collect incoming invoices electronically and store them in your SAP environment.
- When the documents are received, the SAP add-on has two different reconciliation features:The first control is that when the vendor XML is received, based on the available AP posting, the solution can reconcile the AP posting using the received e-document. If the posting does not match with the e-document received, it provides a summary of the discrepancies.?The second control is when a posting is available. Still, the vendor does not submit the e-document; the solution can extract the vendor's AP invoice data and transform it into an e-document on its behalf and submit it to the data platform, thereby covering the compliance gaps.
3 - Some possible extra features of the SAP add-on
- The solution is highly flexible and reflects all complex reporting requirements for Greece myData regulation. In other words, based on the client's needs, the solution can be updated with user exits, which are custom code segments, with client-specific developments such as additional validation checks or custom reports.
- With batch job programs, the solution can be automated end-to-end, from data extraction to submission and also receiving the submission response.
- The solution has e-mail notification programs that can send daily automatic reports to the user, providing a summary of the cockpit for that specific day.
- The KGT SAP add-on solution is a highly adaptable tool designed to keep pace with the ever-changing legal landscape. In the event of any legal changes, the solution can be easily updated to meet the new requirements. This adaptability ensures you can always stay compliant, providing you with a sense of security and peace of mind.
- Our SAP add-on offers unique features that empower our clients to enhance their GreeceMydata process. With our automated VAT number check and data analytics, you can spot potential tax risks and take remedial action before submission. This puts you in control of your tax risk management and ensures a smoother VAT return process, including 'top-notch' tax risk management.
