Deadlines for registering invoices from Suppliers and Creditors
Following on from the previous articles on SII and treasury (The deadlines for issuing invoices to clients and The Immediate Supply of Information SII obliges us to comply with the Billing Regulation) we are going to analyze the procedure for registering the supplier's invoice, the period for deducting the VAT paid and the time to supply the information.
Generally speaking, we must report a supplier invoice to the SII within four (temporarily eight) days of its registration in our accounting records
If I receive an invoice for services performed in June before July 16th, for example on the 12th, I can include it in my VAT on that date, report it to the SII within the next four days (and at the latest by the 16th) and include the VAT as deductible in June.
However, if I receive that same invoice on July 21st, for example, I must register it from that day onwards, inform the SII within the following four days, and inevitably include the VAT as deductible in the month of July, even though that VAT was accrued in the month of June, the period in which I contracted the service.
The threat does not come so much from the delay in receiving invoices, since it seems easy to force suppliers to deliver before the 16th, but from the inability of many business management programs to register the invoice on a date and assign it, for VAT settlement purposes, to the previous period.
And this shift of input VAT to the following period has an effect on the company's cash flow that is also easy to calculate. The solution lies in working with the appropriate software, or, if necessary, supplementing it with off-the-books procedures, and streamlining the invoice creation process within the organization.
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A graduate in Economics from the University of Barcelona, he is also a Certified Actuary, Real Estate Agent, and Insurance Broker.
He furthered his training with courses in taxation, business valuation, and credit management offered by the College of Economists of Catalonia and the Center for Financial Studies (CEF).
In 2000, he became the managing partner of the firm, and since 2011, he has also been responsible for the Finance Department.
For five years, while already a member of the management team at Àmbit Assessor, he also held the positions of Deputy General Manager and Finance Director at Alco Grupo Empresarial.
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