E-commerce Accounting

E-commerce business requires management and control of many different areas. The company not only has to maintain product balances but also has to work with different currencies or enter data into different accounting and tax systems. Systematic and consistent e-commerce is necessary for activities to be transparent, easy to manage and monitor. trade accounting. accounting and tax systems. Systematic and consistent e-commerce accounting is necessary for the activity to be transparent, easy to manage and monitor.

Our team e-commerce accounting is carried out when commerce with systems such as Ebay or Amazon. Thus, we firmly believe that the digitization of certain areas of activity helps to manage information related to the flow of goods and money more easily and quickly.

"D&R Accounting" can take care of:

• digitization of sales accounting,
• accounting for different VAT charges,
• working with different currencies,
• inventory tracking,
• goods return accounting,
• invoicing,
• preparation of tax declarations for state institutions,
• preparation of reports.

Our team believes that process automation and e-experience in the field of e-commerce accounting helps to do things much faster, smoother and smarter.

We would like to share one optional but useful tip by using a tool that facilitates international e-commerce accounting – OSS system.

Why register with OSS?

OSS is an optional tool but it significantly simplifies accounting if trade is conducted outside Lithuania. Main advantages:

• Implementation of tax obligations in other countries is simplified: after registering in the OSS EU system you do not need to fill out VAT returns for each country in which you sell. The system allows you to prepare one OSS EU scheme declaration, and according to it you pay VAT once - to the Lithuanian VMI, which distributes your taxes to other EU members.
• It helps to ensure that customers do not have to pay extra for goods if the products are imported from third countries.
• If the company is not a VAT payer (i.e. income did not exceed EUR 45,000) and registered in the system, it will not be assigned a VAT payer code, and sales declared in the OSS EU scheme will not be included in the EUR 45,000 limit, as such sales will normally be considered to have taken place outside of Lithuania (there are exceptions).

Can I use the OSS system if I am not a VAT payer?

The OSS EU system provides a VAT code within this application. If you are not a VAT payer, then the VAT payer codes of the OSS EU scheme are not published in the VIES system (which usually contains the VAT codes of LR companies). Therefore, if you are not a VAT payer, the VAT code assigned to OSS ES does not appear in the search results when checking the VIES system. If you are not a VAT payer and want to prove that you are registered for OSS EU as a VAT payer in the e-commerce accounting system you can submit a copy of the registration decision.

If you are a VAT payer, then the VAT code of the OSS EU system will match your VAT code in the VIES system.

This e-commerce accounting system really helps to take care of international sales declarations in a high-quality and simple way and simplifies the overall tax liability process.

If you are interested in e-commerce accounting and you are looking for a reliable and experienced partner, submit your request and the "D&R Accounting" team will contact you!