Country Specific Functionality (CSF) New Zealand

Overview

As your business grows and expands into New Zealand, the New Zealand CSF helps to keep your Epicor Financials system compliant from day one to save time and expense. The CSF package contains the most used financial and operational functionalities in the country including:

• Goods and Services Tax (GST) calculation and reporting
• Electronic Fund Transfers
• Local reports

Goods and Services Tax (GST)

The Epicor Financials Tax Engine comprising of the Tax Type maintenance, Tax Liability, Product Tax Category, combined with Tax Report Category and the Tax Box maintenance, will help in accurate GST calculation and reporting.

Epicor supports the following Tax Collection Types:

• Invoicing – the tax amount is added to the amount shown on the invoice and it is collected by the Supplier as part of the total invoice value.
• Withholding – The Purchaser is required to withhold a portion of the amount invoiced and pay this to the authorities.
• Self-Assessment or Reverse Charge Mechanism – This is applicable on purchases such as VAT/GST, where the Purchaser is liable to determine and report VAT/GST to the tax authorities.

Default Tax timing can be configured to specify when the tax is recognized as liable. The following options are supported:

• Invoice
• Partial Payment – calculation of taxes are done on a proportional basis
• Fully Paid

Electronic Fund Transfers

EFT is supported for the following banks, namely:

• Electronic interface for BNZ AP Payments
• Westpac Bank Australia for AP Payments
• Australia New Zealand Bank AP Transactive Service
• AR Direct Debit payments for BNZ
• AP ASB Fastnet Payments

Local Reports

The following reports are modified for the New Zealand CSF package:

• AR Invoice and Credit Memo
• Includes the ABN (Tax ID) of the seller
• Customer Statements Reports
• Tax Box Report