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Once in China, European and American companies must constantly comply with new legal requirements regarding their Microsoft Dynamics AX systems and tackle the challenges posed by the different mentality, traditions and culture of their local employees and business partners.
Legal finance requirements
In China, companies must comply with Chinese GAAP, even though their headquarters may be operating in accordance with HGB, IAS or IFRS. Local Chinese finance requirements include:
Chinese User Interface
Account Tree Structure
The account code must be consistent with the standard issued by the Treasury Department
There must be an account description in Chinese
Chinese Voucher System
Show Negative Credits and Debits
Copy and Reverse the Voucher
Month-end Closing (Validity check)
Financial Ledger Inquiries
Legally required reports include the "Balance Sheet," "Profit & Loss Statement," and the "Cash Flow Statement." Other reports such as the "Fixed Asset & Depreciation Report," "Foreign Currency Statement," "Bank Accounts Balance Report "or the "Monthly Pay-in & Pay-out Report" may also be required depending on the specific scenario.
Fixed asset management
The official principle of fixed asset depreciation is different according to China GAAP, and includes a choice of fixed asset depreciation method, depreciation year, and scrap value. The system must handle both the requirements of subsidiaries and headquarters.
Golden Tax System
China government requires all VAT invoices are issued through the Golden Tax system (GTS). Government certified tax software calculates VAT and prints official VAT invoices based on national taxation law. So the interface between ERP and GTS is necessary if large amount of invoice per month, to avoid manual typing errors and improve efficiency.
Our consultant experts understand the Chinese culture and local management methodology, and not just the requirements for printing Chinese labels and purchase orders. They do more than provide training and training materials in Chinese. Our experts can configure the system to comply with international standards and support flexible local business processes.