As your business grows and expands into Canada, the Canada 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:
The CPA 005 Electronic Bank Transfer (EBT) format is available for Epicor Financials customers in Canada. Payments Canada published the standards for the CPA 005 1464-byte file format, or “CPA 005” for short. Epicor Financials customers can initiate Electronic Fund Transfers (EFTs) from their bank accounts in the CPA 005 format. This format helps them to achieve an improved control over cash flow processes by providing a more accurate forecast through setting the payment dates. It also helps reduce the time needed to process payments and the likelihood of errors. Customers can save the majority of the costs of handling incoming cheques and bank deposits — delivering real value to their day-to-day business both for the Accounts Payable and Accounts Receivable teams.
The Canada Revenue Agency (CRA) created the General Index of Financial Information (GIFI) system to track unique items on income statements, balance sheets, and statements of retained earnings of tax-paying businesses established in the country. Companies are required to define their Chart of Accounts (COA) in correspondence with the GIFI system. Kinetic customers can use the GIFI codes—now part of the GL segments and COA—to generate financial reports in the officially recognized formats T2SCH100 (Balance Sheet Information) and T2SCH125 (Income Statement Information). These report formats are available in the Financial Report Designer functionality built in to the Epicor Financials 10.2.400 and later versions.
Depending on the registered type of business for the Goods and Services Tax (GST) and Harmonized Sales Tax (HST) systems in the various provinces in Canada, printed sales invoices need to comply with different requirements.
The Canada CSF package provides built-in sales invoice layouts in the Kinetic application that allow customers to run their businesses more smoothly in Canada. Multiple forms are available to report
Multiple forms are available to report Miscellaneous Payments to Residents (T2SCH14) and Payments to Non-Residents (T2SCH29) to the authorities in Canada. These forms must be filled out if a company paid royalties, management fees, or technical assistance fees that need to be reported to the Canada government.