Published a year before the date this new directive is to be implemented, the purposes of the Explanatory Notes are:

• providing a better understanding of the Invoicing Directive (2010/45/EU)
• allow Member States to transpose the legislation in a more uniform way
• to provide business with the necessary information to adapt to the new rules in time
• letting you understand the meaning of certain issues contained in the articles. Neat!
• provide practical help

Highlights part 1

As the document measures a healthy 45 pages, we decided to bring to you the highlights. Some of them include things we never heard of before. A must read:

• Business controls, advanced electronic signatures are only examples and other technologies or procedures may be used to ensure the authenticity of origin, integrity of content and legibility.
• “electronic invoice” means an invoice that contains the information required in this Directive, and which has been issued and received in any electronic format.
• The ONLY purpose for the definition of an electronic invoice is to clarify the acceptance of the customer and to illustrate the use of the option given to Member States on way invoices are stored.
• Invoices created in an electronic format that are sent and/or received on paper are NOT electronic invoices. On the other hand invoices created in paper form, that are scanned, sent and received via e-mail CAN be considered as electronic invoices.
• The type of electronic format of the invoice should not be important but only the fact that  the invoice is in an electronic format when it is issued and received.
• An invoice is issued when the invoice has been available so that it can be received by the customer.
• The specific mention that the use of electronic invoices should be accepted by the
  customer mainly finds its justification in the technical requirements needed to receive an
  electronic invoice or the customer’s ability to ensure the authenticity, integrity and
  legibility that might need to be arranged to receive electronic invoices AND WHICH DO NOT EXIST FOR PAPER INVOICES.

This article is from E-invoicing Platform. Read the original post at: Highlights of the Explanatory Notes of EU E-invoicing Directive 2010/45/EG [Part 1].

Purpose

Published a year before the date this new directive is to be implemented, the purposes of the Explanatory Notes are:

• providing a better understanding of the Invoicing Directive (2010/45/EU)
• allow Member States to transpose the legislation in a more uniform way
• to provide business with the necessary information to adapt to the new rules in time
• letting you understand the meaning of certain issues contained in the articles. Neat!
• provide practical help

Things you should know

Before you read about the rest of the Explanatory Notes, you should know that:

• it consists of 45 pages
• the explanatory notes are a collaborative work, the result of discussions with both
  Member States (DG Taxud) AND businesses (CEN E-invoicing III).
• the explanatory notes are not legally binding: They do not represent the views of the Commission nor is the Commission bound by any of the views expressed therein
• the notes are not comprehensive: only certain invoicing issues have been included for
  which it was thought desirable to provide explanations
• They are a work in progress

EU E-invoicing topics covered by the Explanatory Notes

The Explanatory Notes cover four main area’s: the requirements for paper and electronic invoices, issuing invoices, content of invoices and storage of invoices. Per area, the Explanatory Invoices cover several topics:

A. The requirements for paper and electronic invoices

1. Invoices must reflect an actual supply
2. Definition of e-invoices
3. Customer acceptance
4. Authenticity of origin
5. Integrity of content
6. Legibility
7. Choice of means of ensuring authenticity of origin, integrity of
   content and legibility
8. Business controls
9. Reliable audit trail
10. Advanced electronic signature and EDI
11. Point in time of issue and end of storage period
12. Storage of invoices

B. Issuing invoices

1. Which Member State’s rules are applicable?
2. Applicable Member State’s invoicing rules for exempt supplies
3. Invoicing rules for exempt financial supplies
4. Self-billed invoices

C. Content of invoices

1. Sequential numbering
2. Cash accounting
3. Exempt supplies
4. Conversion of the VAT amount in to the

D. Storage of invoices

1. Storage period
2. Translation and languages used on invoices
3. Medium of storage

In a next post we will highlight the most interesting parts.

Download the Explanatory Notes

This article is from E-invoicing Platform. Read the original post at: Finally, the EU E-invoicing Directive 2010/45/EG Explanatory are Notes here!.

Single Euro Payments Area (SEPA) adoption promised to deliver on the grand visions of European harmonisation and a cashless society. But in reality it has been regulatory compliance that has driven adoption for most banks. Company directors and corporate finance departments have asked ‘what’s in it for us?’ and been met with a wall of silence. It is no surprise that financial institutions have been reluctant to engage with the directive. But the vision of eSEPA, an electronic approach to SEPA, is beginning to attract interest.

Using SEPA rules as a driver, banks can create an electronic financial supply chain that is faster and more cost effective for customers, primarily those within corporate finance. Beyond compliance this is an opportunity to revolutionise the financial supply chain and create a ‘win win’.

This progression is long overdue. In a recent report ‘Is European Regulation the Stepmother of Invention?’ TowerGroup research director Gareth Lodge notes that innovation in payments has been lethargic at best. “Many of the processes today are largely based on what was done yesterday – or rather yesteryear. SEPA gives the opportunity to change not just legacy solutions but legacy thinking. The regulation offers an opportunity for banks to reinvent their operations with an eye toward the future, not the past.” The key element for corporates is the chance to reinvent the financial supply chain. Building services around SEPA standards will capitalise on existing investments and attract new business.

Source: Accountingweb

This article is from E-invoicing Platform. Read the original post at: Corporate finance benefits from SEPA going electronic.

• Public Administrations that are setting up new eProcurement solutions and are interested in capitalising on other experiences and in receiving information on available guidelines and tools
• IT companies in charge of the development of eProcurement solutions
• Organisations responsible for existing eProcurement solutions that need to be aligned with the European legislation

A “Call for presentations” is open until the 5th December 2008. Please contact the eProcurement Forum by e-mail  (eprocurement@epractice.eu) if you need further information on the event, or if you are interested in sharing your experience and in presenting a case.

Registration is possible via the ePractice website at http://www.epractice.eu/workshop/37.  Please note that attendance is free and open to everyone who has been registered on the ePractice portal. Since the available places are limited, interested experts are invited to register soon. 

This article is from E-invoicing Platform. Read the original post at: EC workshop eProcurement solutions in Vienna.