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23 January 2017

GoBD transition period expired: That has changed

Although the GoBD (Principles for the proper management and storage of books, records and documents in electronic form and for data access) has already been included in the 1. January 2015 in force, but now the transition period ended. Since the 1. January 2017, all companies that have a minimum turnover of 17.000 Euro, are obliged to comply with this administrative regulation. This means that all electronically-generated data, ultimately having an impact on accounting, must meet GoBD requirements throughout the retention period. Not only the documents that directly affect financial accounting are affected, but also all records from ancillary and ancillary systems, such as payroll accounting, fixed asset accounting or enterprise resource planning. Also included is the data generated by electronic systems, including POS systems and cash registers or electronic scales.

The most important principles at a glance

immutability: All bookings and records may not be changed. If, for example, the need to change the customer address becomes necessary, the change must be logged and the old documents must also be retained.

The retention requirements refers to all documents that are necessary for the traceability of business transactions. Vouchers must be kept in the form in which they were created. For electronic storage, the receipt must remain unchanged and machine readable. Therefore, be careful with format conversions.

procedural documentation must be in the form that a knowledgeable third party can obtain an overview of the financial situation within a reasonable time.

To the Data security suffice, all tax-relevant data must be secured against loss or improper manipulation. This includes strict access control to the electronic systems to prevent this.

Perfectly positioned with LS NAV

KUMAVISION customers, who already use the LS NAV complete retail software, can calmly face these changes: the software covers the more stringent requirements in the current version. We are happy to advise you.

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