As your business grows and expands into Japan, the Japan 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:
It also supports the Japanese language for the solutions included in the CSF.
In Japan, on top of recording individual Accounts Receivable (AR) and Accounts Payable (AP) invoices, businesses are required to generate a monthly statement to their trading partners (suppliers and customers) that lists all their outstanding invoices, credit notes and payments. This is very similar to a monthly balance report, and the process is called the Periodic (Shime) Billing.
On the AR side in Epicor Financials, the Billing Statement Entry program collects and prints a list of all open AR invoices for a customer in the selected period. The Billing Statement Report can be printed in proposal and final mode, allowing finance teams to review and approve the document. The Periodic Billing Document Type uses the Legal Numbering engine.
On the AP side in Epicor Financials, the Payment Statement Entry program prints the Payment Statement Report with all the AP invoices registered and paid to a supplier in the selected period. The report can be printed in proposal or final mode to enable a review and approval before the final printout. The Payment Statement Document Type uses the Legal Numbering engine.
In the process of initiating bank fund transfers and cash withdrawals, businesses in Japan are required to generate and submit a Bank Transfer Request Report as well as an electronic payment file called Zengin to their banks.
The Zengin file format is defined by the Japanese Bankers Association, in accordance with the ZenginKyo standard communication protocol (basic protocol, TCP/IP protocol).
The Japan CSF package installs the appropriate Electronic Interface (EI) files that deliver the Zengin files for processing AR and AP payments.
The consumption tax in Japan is similar to the Value Added Tax (VAT) or sales tax seen in other countries. Price tags and invoices on goods and services need to show the consumption tax amount. In B2B transactions business entities may reconcile the VAT collected and paid.
Businesses need to pay the consumption tax to the government, as required by the National Tax Agency in Japan, using a Consumption Tax Report.
The Consumption Tax JP program in Epicor Financials prints the report on consumption taxes, in the format required in Japan.