For companies with a high volume of invoices to be submitted to different public authorities in Germany, it is simpler to use the PEPPOL connection via a certified provider. Keep up to date with the latest news about B2B transactions and process automation in the invoicing, payments and supply chain cycles.
Hit enter to search or ESC to close. Subscribe to our newsletter Keep up to date with the latest news about B2B transactions and process automation in the invoicing, payments and supply chain cycles. Popular Posts. Holders of common stock are entitled to participate in the company's stockholder meetings and vote for the board of directors. Compound Interest. Interest calculated on both the principal amount invested and the previously accumulated unpaid interest.
A process in which income and gains on an investment are reinvested to grow further. When you earn compound interest, you earn interest on both the principal amount and the accumulated interest as it is earned.
A person who receives goods that belong to someone else for future sale or other purpose. Although consignees are not the owners of the goods, they are accountable for them. Goods that are in the hands of someone other than the owner for future sale or other purpose. The owner of goods that are in another person's hands for future sale or other purpose.
Consolidated Financial Statements. Financial statements that show the results of all operations under the parent company's control, including those of any subsidiaries. Construction Loan Note. A short-term obligation used to fund a construction project.
In most cases, the issuers, such as a city government, will repay the note obligation by issuing a long-term bond. Contingent Beneficiary. A secondary beneficiary who receives insurance benefits if the primary beneficiary revokes his or her status, is ineligible, or is deceased.
Contingent Liability. An obligation to pay if certain future events occur. This can also refer to a defined obligation for which the chances of payment are minimal. Controlling Interest. Direct or indirect ownership of voting shares sufficient to elect the majority of the board of directors of a corporation.
Convertible Term Insurance. An insurance policy that allows the policyholder to convert the face amount of coverage in term insurance to an identical amount of whole life insurance. Corporate Bond. A debt security issued by a corporation that obligates the issuer to pay interest periodically and repay the principal at maturity. Corporate bonds often have higher interest rates than government bonds due to possible default risk.
Corporate Record Book. Maintaining the proper records is very important to assure limited liability to corporate shareholders. The corporation should have a record book that contains a copy of the articles of incorporation, bylaws, initial and subsequent minutes of directors and shareholders meetings and a stock register. A group of people acting jointly for business and tax purposes who are able to incur debt and realize profit without immediate legal or taxable liabilities.
A corporate entity allows its owners to attract outside capital by selling shares of ownership, protects the owners from liability beyond their investment outlay, provides for continuity of operations beyond the lives of the current owners and allows changes in ownership through the transfer of shares. A reverse movement in the price of a stock, bond, commodity, or index that brings it more in line with its underlying fundamental value.
An individual who signs a loan or credit card agreement along with the principal applicant and assumes responsibility for the outstanding balance if the applicant defaults. Covenant not to Compete. A clause in a contract that obligates one party to refrain from performing professional or business activities similar to those of the other party. A federal program that allows parents to accumulate tax-free savings for a child's college education, formerly called the Education IRA.
Credit 1. Legal obligation to make repayment at a later date for goods, services or money obtained through the extension of credit, or a promise to pay in the future. The cost of credit is usually referred to as a finance charge, interest or time-price differential. Credit 2.
Entry recording an increase to a liability or owner's equity or revenue, or a reduction to an asset or expense. Credits are recorded in the right hand column of an account or a two-column book.
Opposite of debit. Credit Bureau. Clearinghouse of consumer credit information used by businesses to determine the credit.
Credit History. A record of how a party has paid past debts. Credit Line. A revolving agreement that allows a person to borrow any amount up to a preapproved limit for purchases or cash advances. When the outstanding balance is paid off, credit again becomes available to fund new purchases or cash advances. Credit Note. Issued by a seller to a purchaser to record the reduction of a bill because of an allowance, return or cancellation. Opposite of an invoice. Credit Rating.
A formal assessment of an individual's or a corporation's ability to handle credit, based on the history of borrowing and repayment, as well as the availability of assets and the extent of liabilities. If you have a store credit, you can use the credit to purchase merchandise free of charge. If you have a tax credit, your taxes are reduced by the amount of your credit. You can get tax credits for purposes such as child care expenses and the earned income credit for low-income taxpayers. Cumulative Voting.
Cumulative voting allows shareholders to aggregate their votes in favor of fewer candidates than there are slots available. This method of voting is intended to create adequate representation for minority shareholders. Current Asset. Unrestricted cash, or any other asset that is expected to be converted into cash or consumed in the production of income within a year. Current Liability. Liability expected to be liquidated in a year.
An entry recording an increase to an asset or expense or a reduction to a liability, revenue or owner's equity.
Debits are recorded in the left-hand column of an account or a two-column book. Opposite of credit. Debit Card. A card issued by a bank that can be used to withdraw cash from an automated teller machine or to make purchases at merchant locations. Debit cards deduct funds from the checking or savings account linked to the card when they are used.
A legal obligation to deliver a product, service or amount of money. Debt-to-Equity Ratio. The ratio that indicates a company's ability to repay outstanding creditors. This also indicates the degree of leveraged money to improve the rate of return for shareholders.
Decreasing Term Insurance. A term insurance policy with a death benefit that decreases over time. This type of insurance is often used in conjunction with a mortgage or other amortized debt to guarantee payment if the holder dies before it is paid off.
A document that identifies legal ownership of real estate. Deferred Annuity. An annuity that pays an income or lump sum at a future date. A negative amount of retained earnings caused by cumulative losses and dividend distributions exceeding cumulative net income.
Defined Benefit Plan. An employer funded and controlled retirement plan that pays a predetermined benefit based on an employee's years of service and salary or wages. Defined Contribution Plan. A retirement plan to which an employer contributes a fixed amount or percentage of the employee's salary each year. The employee may be allowed to make individual contributions or choose the investment mix for his or her account.
The opposite of inflation. A reduction in the price of goods and services. Possible causes of deflation are a decrease in the supply of money or credit or reduced individual or government spending. Demand Loan. A loan repayable upon the demand of a creditor. A person who relies on another for financial support. Taxpayers who support dependents can claim tax exemptions for them.
Gradual using up or consumption of a natural resource. Funds used as collateral for the delivery of a good, such as a security deposit. It can also refer to the transfer of funds to another party for safekeeping, such as a deposit into a bank account.
The decrease in value of a fixed asset during its projected life expectancy, or the decrease in value of one currency in relation to another. A financial instrument whose characteristics and value depend on the value of an underlying instrument or asset, such as a commodity, bond, equity or currency. Futures and options are types of derivatives.
Direct Cost. Costs identified with a specific unit of product. For example, clay in the production of flowerpots or tubing in the production of bicycles are direct costs. Direct Deposit. The transfer of funds refund directly to a bank account. Direct Rollover. The tax-free transfer of money or property from one retirement plan or account to another.
Direct Tax. A direct tax cannot be shifted to others, unlike an indirect tax. For example, federal income tax is a direct tax. You are required by law to pay. Directors are elected by the shareholders. They manage or direct the affairs of the corporation. Typically, the directors make only major business decisions and monitor the activities of the officers.
Disability-Income Insurance. A policy that provides an income if total disability prevents the insured from working. Discount Broker. A broker who buys and sells securities at lower rates than a full-service broker, and who may offer fewer services. Disposable Income. An individual's income after taxes. The termination of a corporation's legal existence. Dissolution may be caused in a variety of ways including: failure to file annual reports, failure to pay certain taxes, bankruptcy or voluntary dissolution of the corporation by the shareholders and directors.
An investment strategy that spreads investment risk over a number of industries, market sectors or companies. Gains in one area can offset losses in another. A distribution of earnings to a shareholder or mutual life insurance policy owner.
This distribution is usually in the form of money or stock. Dollar Cost Averaging. A strategy that invests a fixed dollar amount in securities at set intervals, regardless of market prices. With this approach, an investor buys more shares when prices are low and fewer shares when prices are high, usually resulting in a lower average cost per share.
Domestic Corporation. A corporation is domestic in the state where it was incorporated. Double Taxation. The result of tax laws that cause the same earnings to be taxed twice. For example, C corporations are taxed at the corporate level, and their shareholders also pay taxes on the dividends they receive. Early Withdrawal. The removal of funds from a fixed-rate investment before the maturity date or from a tax-deferred investment account before a predetermined time.
Earned Income. The sum of income pertaining to wages, salaries, tips, self-employed net earnings and any other income received for personal services.
Earned Income Credit. A refundable tax credit low-income workers can file for, even if no income tax was withheld from the worker's pay. Electronic Banking. Computerized network services that allow bank account holders to securely access their accounts on the internet. Electronic Commerce E-Commerce.
The use of the internet to conduct business and buy or sell goods and services. Electronic Filing IRS e-file. IRS e-file options allow you to file federal income tax returns, and some state returns, through a tax professional, through your home computer or even through your telephone.
It may also be available in many other places in your local community. A process by which funds are electronically transferred between accounts. EFTS allows for direct deposits or withdrawals without processing written checks. A law establishing government oversight and federal limitations for pension and retirement plans. An employer-sponsored program that encourages employees to purchase shares in the company they work for and possibly participate in management.
Assets, funds or property donated to an individual, organization or group to be used as a source of income. Engagement Letter. Written communication between an accountant and a client with respect to a professional engagement, outlining the scope of the accountant's responsibilities and arrangements agreed upon.
Enrolled Agent. A federally-authorized tax practitioner who has technical expertise in the field of taxation and who is empowered by the U. Department of the Treasury to represent taxpayers before all administrative levels of the Internal Revenue Service for audits, collections, and appeals. Anything that represents ownership interests, such as stock in a company. Equity can also refer to the difference between an asset's current market value and the debt against it. Equity Loan. A loan that allows a homeowner to borrow against the accumulated equity in his or her home.
A third-party agent, or account, that assumes possession of a contract, a deed or money from a grantor until all outstanding obligations or commitments are complete. Upon completion of these obligations, the property held in escrow is delivered to the grantee. Real and personal property owned by a person at the time of death.
Real property is land and anything permanently attached to it. Estate Planning. The process of determining the disposition of a person's assets after death. Estate Taxes. Federal or state taxes levied on the assets of a person who dies, paid by the decedent's estate rather than by the heirs. Excess Compensation. The amount above the specified amount upon which calculations for future benefits are based in a pension plan integrated with federal old-age, survivors' and disability insurance OASDI.
Excise Tax. Excise taxes are taxes on the sale or use of certain products or transactions. The person who is named in a will to administer the distribution of the deceased's assets. Exempt from tax liability. Before a taxpayer pays taxes, he or she can claim a set amount of tax deductions for him or herself, a spouse and eligible dependents. The total amount is subtracted from the adjusted gross income before the tax on the remaining income is figured out.
Exempt from withholding. A taxpayer can be exempt from paying a certain amount of federal income tax if they meet certain income, tax liability and dependency requirements.
Consumption of an asset or payment for an expense. External Auditor. An independent accountant engaged to determine if the financial statements of an entity represent the economic events that occurred during the period audited. The external audit is for the shareholders and owners, rather than for management. Shipping term meaning "free on board" to inform the purchasers of the location at which they become responsible for the shipping charges.
For example, F. Toronto means the vendor pays the charges to Toronto's freight yard and the purchaser is responsible from there. The tax is levied on employers, employees and certain self-employed individuals.
A simplified form to be used in place of the form for some individuals. FORM W By January 31 of each year, your employer, even if you do not work there anymore, will provide you with a statement of how much you earned in wages, tips and other compensation from the previous year. This form will reflect state and federal taxes, social security, Medicare wages and tips withheld.
It also includes a lot of other really important information you will need to file your return. Form W-4 is used to determine how much of an employee's paycheck is withheld for federal income taxes. Fair Market Value. The highest price available in an open and unrestricted market between informed, prudent parties, acting at arm's length and under no compulsion to transact. Fair market value is expressed in terms of money, or money's worth.
A partnership of family members that helps arrange for generational transfers of wealth or a business, maintain control within the general partners and reduce potential liability to the transferor and transferee. Federal Reserve System The Fed. The board of governors that oversee the Federal Reserve Banks, establishes monetary policy, such as interest rates or credit, and monitors the economic health of the country. Its members are appointed by the President, subject to Senate confirmation and serve year terms.
Federal Tax Identification Number. A number given to a corporation or other business entity by the federal government for tax purposes. Banks generally require a tax identification number to open bank accounts. An individual who provides investment advice for a fee, who exercises discretionary authority in managing assets or who is responsible for holding assets in trust and investing them for the benefit of another party.
File A Return. To file a return is to send in your completed tax forms. All your tax information appears on the return, including income and tax liability. Filing Status. Your filing status determines your tax bracket and amount of taxes you must pay. Factors such as marital status affect your filing status.
Financial Aid. Financial support that a student receives to attend school, including loans, grants, scholarships and work-study programs. Financial Statements. Formal financial reports prepared from accounting records. First-to-Die Life Insurance. A life insurance policy covering two or more people that pays a death benefit when the first person dies. Fiscal Year. A period of one year for which financial statements are prepared that may, or may not, coincide with the calendar year.
Any twelve-month period used by a business as its accounting period. Fixed Annuity. An investment contract sold by a life insurance company that guarantees regular payments to the purchaser for life or a specified period of time, in exchange for a premium paid either in a lump sum or in installments. Fixed Assets. See Capital Assets. Fixed Rate. A mortgage with an interest rate which does not increase or decrease during the term of the loan.
Fixed-Rate Mortgage. A mortgage with a set interest rate that remains the same over the life of the loan. Floating Debt. The constant renewal of government Treasury bills, or short-term corporate bonds, to pay off current liabilities, or finance cash flow.
Flood Insurance. Insurance against flood damage, usually required by mortgage lenders if a property is located in a flood zone. When a homeowner sells his or her home directly to another party, without the assistance of an agent, or broker.
The legal procedure by which a mortgage holder can seize the property of a borrower who has not made required payments. Foreign Corporation. A corporation is referred to as a foreign corporation in all states except for the state where it is incorporated.
If a corporation conducts business in a state other than where it was incorporated, it must register for a certificate of authority to transact business in the other state or possibly lose access to that state's courts and face fines. Non-vested employer contributions from the accounts of employees who leave an employer's pension plan.
These may be applied as credits to remaining employee accounts or used to offset future employer contributions. Formal Tax Legislation Process. There are strict steps, that involve the President and Congress, that a proposed tax must pass through before it becomes a law.
A license that allows a designee to sell and market a company's products or services in a fixed geographic area. Franchise Tax. A tax imposed by the state for the privilege of carrying on business as a corporation or LLC.
The value of the franchise tax may be measured by amount of earnings, total value of capital or stock or by amount of business done. Fringe Benefits. Opportunities and services offered beyond wages, or salary, in compensation for employment. Common fringe benefits include paid holidays, sick days, paid vacation days, insurance coverage or retirement plans.
Front-End Load. A sales fee, or load, that is paid up front by investors when they purchase an investment and deducted from the investment amount. A front-end load generally lowers the size of the investment. Agreements to buy or sell a specific amount of a commodity or financial instrument at a set price on a specific future date.
Abbreviation for generally accepted accounting principles. GAAP, by definition, have been given formal recognition, or authoritative support. Abbreviation for generally accepted auditing standards. GAAS, by definition, have been given formal recognition, or authoritative support. General Journal. Journal in which transactions are recorded for which specific journals are not provided. For example: adjustments and corrections. In a small operation the general journal may be the only book of original entry.
General Ledger. All the financial accounts and statements of a business, including debits, credits and balances. General Partner. An authorized agent of a partnership and of all other partners for all purposes within the scope and objectives of a business. A voluntary transfer of assets, or property, with no compensation. Gift Tax. A tax levied on assets transferred from one person to another. This tax is paid by the donor. Golden Boot. The offering of financial incentives or benefits to persuade an older employee to retire early.
Golden Handcuffs. Benefits given to a valued employee to persuade him or her to remain with the company. Golden Parachute. A benefits package given to top executives who are laid off due to a corporate buyout, or takeover. The difference between going-concern value and tangible asset value. Tangible assets include identifiable intangible assets with values that can be separately determined. Government Bond. A debt security issued by the U. Grace Period. A period of time after the due date of a payment during which the overdue payment may be made without penalty, or lapse, in contractual obligations.
Gross Estate. The total dollar value of a person's assets at the time of death, before taxes and other debts. Gross Income. Gross income is the total of all receipts and gains minus the inventory cost of the business in a given time period. For example, people who use the barter system are required to include whatever they've bartered for as part of their gross income. Gross Monthly Income. Total monthly income from all sources before taxes and other expenses.
Group Life Insurance. A life insurance policy that insures a group of people. This type of policy is often provided as an employee benefit. An individual who has legal responsibility for a minor child, or a legally incapacitated adult. An account that offers individuals covered by high-deductible health plans HDHPs tax-favored opportunities to save for medical expenses. Holding Company.
A corporation that has no other function except owning other corporations. Home Equity. The difference between a home's current market value and the sum of all claims against it. Home Equity Loan. A loan in which the lender allows the borrower to use the equity in his or her home as collateral for a line of credit, or revolving credit.
The borrower may then obtain cash advances by using a credit card, or checks, up to some predetermined limit. Horizontal Equity. Horizontal equity says that people in the same income groups should be taxed at the same rate.
Household Income. The combined income of all household members from all sources. These sources include wages, commissions, bonuses, Social Security and other retirement benefits, unemployment compensation, disability, interest and dividends. Housing Ratio. The ratio of a person's monthly housing payment to his or her total monthly income.
The amount of money a person receives from all sources. Income Statement. A financial statement summarizing revenues, expenses, gains and losses for a stated period of time. Income Tax. These are taxes on income, both earned income, such as salaries, wages, tips or commissions, and unearned income, such as interest from savings accounts or dividends if you hold stock.
Individuals and businesses are subject to income taxes. Incorporated Inc. See Corporation. The person or entity that prepares and files the articles of incorporation. Total Tax Solutions acts as an incorporator for many new companies. To reimburse or compensate. Directors and officers of corporations are often reimbursed or indemnified for all the expenses they may have incurred during the incorporation process.
A hypothetical portfolio of securities that represents a particular market or portion of it. An index is used to measure the amount of change in a particular security by comparing it to similar companies.
Indirect Tax. A tax collected by an intermediary who shifts the economic burden to another. For example, a company might have to pay a specific tax to the government. The company pays the tax but can increase the cost of their products so consumers are actually paying the tax indirectly by paying more for the company's products. A tax-deferred product offered by banks, mutual funds and other companies. Under current tax law, some people, depending on income, marital status or other factors, can deduct all or part of their IRA contributions, which reduces their taxes.
The general rise in the prices of goods and services that occurs when demand increases relative to supply. Informal Tax Legislation Process. Meetings where individuals and interest groups get together to discuss tax issues. A company's first public offering of stock. When liabilities exceed assets. Also, the inability to pay debts when due. See Bankruptcy. A part of a sum of money, or debt, to be paid at regular intervals, usually made up of principal and interest combined.
There is also a central e-invoicing portal, but this is not mandatory. We have therefore compiled the most important four core questions — and how the individual federal states deal with them — in four practical overview maps for you: In which federal states has an ERechV already been passed?
For orders with which value limits are e-invoices accepted or expected? In which countries is e-invoicing mandatory for contractors — and if so, from when onwards? Can invoices be submitted via a centralised invoice receipt platform? E-Invoice update — The 4 key questions in pictures! At federal level. Register now for XimantiX-Newsletter: Stay up to date on all aspects of digital receipt exchange with the XimantiX newsletter language: German , approx.
Redaktion XimantiX Weitere Themen zu. XRechnung: No one can, all must? E-Invoice to the Bund from A-Z ePodcast 03 German Learn everything you need to know about securely sending invoices to the federal government in just under 20 minutes on air. Listen now! Yes , see federal eInvoice regulation. Yes , for all federal authorities, since Yes , since The Leitweg-ID is mandatory as part of the eInvoice.
Suppliers should receive the route ID Leitweg-ID of the contracting authority in the context of procurement. Since For municipalities or associations of municipalities , the obligation applies to above-threshold procurement.
Yes , from Suppliers receive the routing ID Leitweg-ID of the ordering party as part of the contract award process. Yes , see regulation of Bavaria and explanatory information about the implementation of eInvoicing in Bavaria. Up to now, the submission of invoices as electronic invoices is not mandatory in the Free State of Bavaria.
So far , there is no central invoice receipt from the State of Bavaria. Invoices are usually sent directly to the invoice recipient by e-mail. You can validate and visualise eInvoices here. A unique identification must be included in the invoice. This ID is specified by the contracting authority. Yes , see eInvoice regulation of Berlin.
From No , there is no general obligation for eInvoice so far. An obligation to use electronic invoicing may be agreed between the client and the suppliers as an alternative to this rule.
Suppliers should receive the route ID Leitweg-ID from the contracting authority as part of the procurement process. Yes , see eInvoice regulation of Brandenburg. Yes , see regulation of the Free Hanseatic City of Bremen.
Yes, since No , see Press release of April 02, Yes , according to EU directive for above-threshold contracts, since Through the invoice receipt of the Hanseatic City of Hamburg , by e-mail , see registration page. XRechnung, see Press release of April 02, Invoicing parties should ask the contracting authority when awarding contracts how the correct allocation of the invoice is ensured.
Yes , see the ordinance of the State of Hesse. Further information can be found on the administrative portal of the State of Hesse. So far no central submition possible. Currently, eInvoices can be submitted at least by e-mail or by web service via PEPPOL , in consultation with the contracting authority. The use of an identification number is required , as specified by the contracting authority.
Suppliers should receive the identification number of the contracting authority in the context of procurement. This has been in force since Further information is available on the service portal of the state of Mecklenburg-Vorpommern.
Yes , the obligation to accept e-invoices has applied to all public authorities in the state of Mecklenburg-Vorpommern at the latest since the ERechV M-V came into force.
In addition , an obligation to e-invoice can already be contractually agreed with suppliers today. Please note: Depending on the client, there may also be delivery channels for your invoices aside from the portal. In Mecklenburg-Vorpommern, only purely structured formats in accordance with EN are accepted as electronic invoices.
This primarily includes the format of the XRechnung. Yes , see regulation of the State of Lower Saxony.
Further information for invoice recipients is available on the website of the ePoststelle of the State of Lower Saxony. No , there is no general obligation for eInvoice so fa r. Further informations for suppliers are available on the website of the ePoststelle of the State of Lower Saxony. State authorities must use the central ePoststelle of the State of Lower Saxony for the receipt of invoices.
In addition, the provision of invoice receipt via WebService is planned from April
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