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Czech Republic overview

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This article includes information and links to resources that can help you set up legal entities with a primary address in the Czech Republic.

Fixed assets

The following articles cover information that pertains to fixed assets in the Czech Republic:

VAT reporting

For information about setting up and generating the VAT statement for legal entities located in the Czech Republic, see VAT statement for the Czech Republic. For information about the VAT declaration, see VAT declaration (Czech Republic)

Intra-community VAT

This section provides information about how intra-community value-added tax (VAT) is calculated and posted for the Czech Republic.

When legal entities that have a primary address in the Czech Republic purchase from European Union (EU) member states, they should self-assess VAT to ensure that the following conditions are met:

  • The output VAT is paid in the VAT period when the invoice was issued (document date).
  • The input VAT isn't deducted before the document receipt (VAT register date).

You can automatically calculate and post information about intra-community VAT. When you post an EU vendor invoice, the system creates two VAT transactions for the same amount. One VAT transaction is created for payable sales tax, and the other transaction is created for receivable sales tax. To reflect this requirement, complete the following setup steps:

  • Select the Intra-community VAT check box on the Accounts payables parameters page (Accounts payable > Setup > Accounts payables parameters).
  • Select the Document date for intra-community VAT check box on the Accounts payables parameters page.
  • Create two sales tax codes: one that has a positive sales tax percentage and another that has a negative sales tax percentage.
  • Create a sales tax group that contains both the positive and negative sales tax codes. Select the Intra-community VAT parameter for the negative sales tax code.
  • In journals, select the Document date for intra-community VAT parameter.

When you post a purchase invoice, the system posts the receivable VAT and payable VAT at the same time. For the positive sales tax transaction, the VAT register date is set to the VAT register date from the invoice posting page, and the sales tax direction is Sales tax receivable. For the negative sales tax transaction, the VAT register date is set to the document date, and the sales tax direction is Sales tax payable.

Intrastat declaration

For information about the Czech Intrastat report, see Czech Intrastat.

EU sales list

For information about the Czech EU sales list, see EU sales list for the Czech Republic.

Credit note on cash discount

For information about creating, posting, and printing credit notes for cash discounts that you give to customers, see Credit note on cash discount.

Split periods in periodic journals

For legal entities in Estonia, Latvia, Lithuania, Poland, Hungary, Russia, and the Czech Republic, the Periodic journals page includes the split for periods functionality. For more information, see one of the following articles:

Signers for print forms

For legal entities in Estonia, Latvia, Lithuania, Poland, Hungary, Russia, and the Czech Republic, you can set up signers and titles for customers and vendors that print documents such as invoices and cash orders. For more information, see Set up signers for print forms.

Customize currency units and subunits

You can update how amounts are displayed on reports and other documents for Estonia, Latvia, Lithuania, Poland, Czech Republic, Hungary, and Russia. You can set up full names and short names for currency units and subunits. For more information, see Update how amounts are displayed on reports and documents.

Note

You can view the sales tax in local currency in the Customer invoice journal report and Vendor invoice journal report.

Specify bank symbols for bank accounts

Set up constant symbols for bank accounts and then use them on sales orders, purchase orders, customer invoices, and free text invoices.

Use the Bank constant symbols page to set up a list of constant symbols. By default, when you set up a constant symbol for a specific company bank account, the symbol is copied to sales orders and free text. From the sales order or free text invoice, the constant symbol is transferred to the customer invoice.

Note

By default, when you set up a specific symbol for a bank account, it's copied to the vendor invoice printout form. The constant symbol is also displayed on invoice printouts.

Set up bank symbols on the Bank constant symbols page (Cash and bank management > Setup > Constant symbols).

Year-end close

The year-end closing process and opening transactions for the Czech Republic have unique considerations. Set up the year-end closing process in the following ways:

  • Posting to different accounts for closing and opening of balance accounts.
  • Transfer of profit or loss year-end result into the newly opened year to a different account. For more information, see Year-end close for Czech Republic and Hungary.

Additional resources

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