As your business grows and expands into China, the China 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 reports in the country including:
It also supports the Chinese language for the solutions included in the CSF.
Financial accounting principles is continually evolving. China has its own accounting standards (China GAAP), which have largely been harmonized and converge with the International Financial Reporting Standards (IFRS).
The major regulatory and legislative bodies are:
The Chinese government and financial authorities mandate a standard Chart of Accounts (COA) to be used for reporting and auditing purposes. All reporting entities, regardless of their internal COA structures or internally applied accounting principles, must use the China COA for local official reporting and auditing.
Use the Financial Report Configuration CN process to create default configurations for three financial statements:
The structure and formulas in the required regulatory reporting is based on the China COA. Having applied these configurations, the financial statements can be printed in theses predefined system formats.
The Booking Voucher is an important local accounting document which is used to record each journal transaction as well as for auditing purposes. The Booking Voucher CN report shows all journal transactions for the selected year and period, using the China-specific report styles.
The local accounting practice also requires the generation of reports that list all journal transactions. The China CSF package helps provide a General Ledger report and several Sub Ledger reports. These reports show the totals as well as the details of journal transactions booked in the selected period and year range by COA segment.
In China, the only official invoice that may be used for collection of payment and which acts as an official receipt for tax purposes is the Golden Tax Invoice (also called Fapiao). All invoices must be generated through the government controlled GTIS (Golden Tax Invoice System).
The China CSF includes a functionality that generates a text file with the invoice content, which can be manually submitted to the GTIS (including any of the authorized partners) that prepares the officially recognized Golden Tax Invoice. The modified response file with the invoice number is updated in Epicor Financials.
The following tasks are supported:
This inventory costing type is based on the cost of the inventory in the beginning of the period, and all the purchases in the specific period are included in the calculation. The functionality includes the Periodic Average Costing Workbench and a Periodic Average Costing report.
Manufacturers can collect the actual manufacturing costs at the end of each fiscal period. The collected costs are allocated to the manufactured products. A pre-defined allocation base is installed with the CSF package, defining the cost re-calculation process. The functionality includes the Actual Cost Allocation Workbench and these reports: Summary, Details, GL transactions.
The China CSF supports the China-specific customs processes, especially the import and export of materials and the use of imported materials in production. This capability helps organizations to track traded goods and their inventory balances by enabling users to enter the Customs Handbook and the Declaration Bill. Multiple customs reports are also supported in the China CSF package.
The Asset Depreciation application in Epicor Financials is able to print the China specific Asset Depreciation List report. It is based on the standard Asset Depreciation report layout, but contains Chinese labels, additional fields, and calculated fields.
The China CSF package also includes the Asset Report report that gives an overview on the fixed assets and highlights the periodic changes.
As per the local inventory practice, it is mandatory to prepare a periodic stock movement report with stock transaction details. The Stock Movement Report CN shows the incoming and outgoing stock transactions per warehouse, summarized for a given period.
The Stock Aging Report CN is a local requirement for monitoring the inventory status which allows to review the current stock on hand by part, UOM, age of stock, and value of the aged stock.