Bulgarian Localization for Dynamics 365 Finance and Operations

FTS BG Localization is an add-on for Microsoft Dynamics 365 for Finance and Operations that extends the standard functionality making it suitable for use under Bulgarian legislation. It consists in translating the user interface into the local language and adapting the software to meet country-specific accounting and tax regulations. FTS BG Localization package covers features in the following areas:

VAT

VAT package is built on top of the standard VAT functionality in Microsoft Dynamics 365 for Finance and Operations, where the main VAT setup is done. To meet local regulations, the following features have been added:

• VAT Statutory reports
• The package allows you to create Sales and Purchase VAT ledgers with structure and format as required by tax authorities.
• Files for tax authorities - Sales VAT Ledger, Purchase VAT Ledger, VAT Declaration, VIES Declaration can be exported from the system with just one click.
• Same statutory reports are also available for printing in a readable format
• Voiding sales and purchase invoices – the functionality allows users to easily cancel an invoice that was posted incorrectly.
• VAT protocols – the package includes two kinds of VAT protocols:
• VAT protocol in case of an intra-Community purchase.
• VAT protocol in case of self-charged VAT.
• A VAT protocol number is automatically assigned during posting. After posting, the document is available for printing.
• Knowing that intra-Community purchase invoices are usually not posted in chronological order, we added the option to renumber all VAT protocols at the month-end close.
• Customer and vendor tax information
• Bulstat and VAT numbers can be easily entered for every counteragent. Verification algorithm for BG VAT number and Bulstat has been put in place.

VAT Extended

• Sales tax group handling mechanism automatically populates sales tax group
• FTS BG localization allows working with more than one counteragent’s VAT registration and or with more than one company’s VAT registration

Intrastat

Intrastat package is built on top of the standard Intrastat functionality of Microsoft Dynamics 365 for Finance and Operations, where the main Intrastat setup is done. In order to meet local requirements, the following features have been added:

• Intrastat registration form containing all information required by tax authorities
• Users can choose either to export INTRASTAT Transactions file or INTRASTAT Declaration file to tax authorities.
• FTS BG localization has a functionality that allows you to prepare corrective INTRASTAT declarations.
• All Intrastat declarations are available for printing in a readable format.
• Voiding sales and purchase invoices – the functionality allows users to easily cancel an invoice that was posted incorrectly.
  

Fixed assets

The Fixed Assets module in Dynamics 365 Finance covers the main requirements regarding the calculation of accounting and tax deprecation and fixed assets business processes. In order to meet local reporting requirements, the following three types of reports have been added:

• Reports
• Tax depreciation report
• Accounting depreciation report
• Tax and accounting depreciation plans compare report
• Tax depreciation requires that fixed assets are classified into tax categories and depreciation usually starts from next month.
• Placed-in service protocol – functionality for issuing the protocol is available; users can easily print the protocol in a readable format.

Petty cash

The Petty cash feature extends the bank accounts functionality in Dynamics 365 Finance allowing users to:

• Set up the information needed for each petty cash account.
• Print Cash Disbursement slips and Cash Reimbursement slips from different journals in the system.

Accounting and operational reports

A widespread accounting practice in Bulgaria, so far not being a mandatory requirement, is to analyze ledger transactions against correspondent accounts. We have added a report - Account statement with details of correspondent accounts in the localization package. Some improvements have been made to standard customer and vendor reports.

Importing exchange rates from Bulgarian National Bank

The add-on allows daily automatic import of the exchange rates from the BNB