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SAP Business ByDesign: Standard Localization for South Korea

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.

Country%20Selection%20from%20Business%20Configuration

Country Selection from Business Configuration

Key Features

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.

References:

Please post your questions and feedback in the comments section below.

Take care. Stay Strong.   😊

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Country%20Selection%20from%20Business%20Configuration
2 Comments
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  • Dear Krishna Ramadesikan,

    I check  what’s new for South Korea,

    and find below information,

    If anyway can inactivate the Purchase Account ?

    —————————————————–

    South Korea

    • Purchase Account Management

      The Purchase Account Management is now activated for South Korea.

    ———————————————————-

    https://help.sap.com/viewer/34de7a7c1a7e43178141074817068fb1/2008/en-US/2c085641722d1014bdf3b7f28be6fbb8.html

     

    Best Regards

    Chen Qifei

    • Dear Chen Qifei,

      Yes, you can now activate/deactivate this functionality from Business Configuration.

      Please use the question “Purchase Account Management for Korea is active” from below path

      “Financial & Mgmt Accounting -> Inventory Valuation -> Valuation of Purchases & Material Movements” for this.

      I hope this helps.

       

      Best Regards,

      Krishna