In this blog, I would like to highlight that with release 20.08 release of Cloud ERP SAP Business ByDesign, South Korea country version has been advanced from a pre-localized version with controlled availability status to a standard localization which will be generally available. It is now available for user selection from Business Configuration.
In addition to the generic SAP Business ByDesign features, we provide features designed to meet the legal requirements and common business practices in South Korea. Following are some of the key features specific to South Korea supported in SAP Business ByDesign:
- VAT Reporting – You can submit value-added tax (VAT) report forms, along with the summary documents to the tax authorities. Basic VAT return, Summary by Vendor and Summary by Customer are supported.
- Withholding Tax Reporting – You can submit the monthly return of the taxes withheld to the tax authority and generate the Business Income and Other Income forms for the supplier.
- Business Place and Industry Type – You can now do taxation either at Business Residence level or Company level based on Business Configuration settings. Correspondingly, it is possible to maintain flexible business type and industry type values on business partner and company master data, which will further be used in Electronic Tax invoices.
- Electronic Tax Invoice – You can create electronic tax invoices for all transactions involving output tax. It is possible to maintain appropriate status updates from ASP on the electronic tax invoices. These invoices are then submitted to the National Tax Service (NTS) and the approval number is maintained in the system.
- Statutory Reports – The key financial statement reports like Profit and Loss, Income Statement, Cashflow Statement, and Manufacturing Cost Statement are available. The new income statement includes the information of the balance sheet section for inventory goods and inventory products. The corporate tax report Statement of Cost of Good Manufactured supports the Cost of Goods Sold figures on the income statement.
- For more information on these features, please visit SAP Help Portal to access the documentation. You can also find the South Korea specific documentation in the Country/Region-Specific Features section of the Library.
- To view the list of features developed per country, see the localization capabilities at sap.com.
- All the upcoming legal changes identified by the Localization Product Managers impacting SAP Business ByDesign standard or pre-localized countries, can be accessed in the Legal Change Notifications
- You can also leverage our SAP Business ByDesign partner ecosystem for South Korea.
- We recommend that you submit your ideas for specific enhancement or features in the Customer Influence Portal. Our Product Management regularly reviews and provides feedback on these requests.
- Please do also leverage our SAP Business ByDesign channels like the SAP Business ByDesign Community, Learning Hub, SAP Jam, Partner Edge, Support Portal, and FAQ.
- You can view our customer testimonials here.
Please post your questions and feedback in the comments section below.
Take care. Stay Strong. ?