- Is it necessary to update the payment status for invoices? What happens if it is not updated?
-Yes, updating the payment status is crucial. If no update is made, the transaction may be considered incomplete, affecting compliance and financial records.
- Who is responsible for updating the payment status—the buyer or the seller?
-The seller is responsible for updating the payment status to reflect whether the invoice has been fully or partially paid.
- What is the purpose of the payment status update?
-Payment status updates serve multiple purposes, including fiscalization, revenue projection, GDP calculations, etc. It also supports VAT assessment, which operates on a cash basis.
- In the future, will the payment status impact VAT liability calculations on the FIRS e-Invoicing system?
-Yes, as the system evolves, payment status updates will play a role in determining VAT liability and compliance reporting.
