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According to Greek GAAP all Commercial Companies (Legal Entities) are obliged to follow specific posting rules and be able to provide Legal reports in specific formats to the authorities. In this document we’ll try to introduce the main aspects of Greek localization.
1. Greek Chart of Accounts:
The most important part of FI Localization is the obligation of posting all business transactions in General Ledger using a specific structure of accounts, based on the principles of the Greek General Chart of Accounts (CAGR). The Greek Uniform Chart of Accounts is a tree structured Chart of Accounts up to four levels, based on the number of digits of the account numbers with specific rules per group of accounts. E.g.: Predefined codes and descriptions in Greek Language.
2. Taxes & Withholding Tax:
Another big part of the Localization that influences both Sales & Purchases is the Greek Value Added Tax rate, which is 23% for most goods and services, including property purchase and sale. There is also a reduced rate of 13% for food, medical equipment, hospitality, tourism services etc. The lower rate of 6,5% applies to very few goods like books, drugs and newspapers. For some islands of the Aegean Sea, all of those rates are further reduced by 30%. For Greece a tax calculation procedure has been created with the code ‘TAXGR’. This tax procedure is linked to country GR. Sample VAT, and EC acquisition codes have been defined within this procedure. Taxes on sales and purchases are calculated on sales and purchases transactions in accordance with the principles of VAT. Furthermore, an additional set up regarding withholding tax is followed , which consists of a certificate, that is submitted by the company to each vendor and shows the withheld tax amounts and their between transactions and a summary report of withheld tax amounts of vendors that is electronically submitted to the authorities.
3. Post – dated Checks and Bills of Exchange:
In Greece, checks and bills of exchange are among the most important forms of payment. The R/3 System allows you to record, store, and use them according to local requirements. Furthermore, it handles both checks and bills of exchange using the system's bill of exchange functions. Starting from Release 4.6C on SAP offers standard programs for the posting processes of checks/bills of exchange (BoE) first for Turkey and afterwards in Greece. The Post –dated Checks and Bills of Exchange functionality is part of the Turkey Localization. You can find additional information on the following link:
4. Sales and Purchases Reconciliation Report
Every company, according to Greek GAAP, should submit a file that includes Customers and Vendors' transactions within previous calendar year and have a base amount more than 300 euro per transaction. This procedure is used by the Greek State so as to cross-check the transactions between companies and prevent tax evasion. This file has a pre-defined format and since it includes transactions made during a year, possible containing data not appropriated posted, specific tools need to be used in order to perform it correctly.
The SAP procedure regarding Sales and Purchases Reconciliation Report constitutes of a set of programs that perform the following phases: Master Data Check, Calculation of Amounts, Edit phase, Load phase and Export phase.
5. Year – end FI closing procedures:
Apart from the technical settings supported by standard SAP procedures (e.g. opening of periods, etc.), the Year-end procedures for Greece should be performed under specific rules and conditions applying to Greek legislation. Special attention on the document type and period usage should be given during a Roll-out, as well as fulfillment of different Journal printing.
6. Year start FI Opening Procedures:
After the balances of previous year have been defined and updated, the following activities must take place:
- Transfer of G/L Balances to the new fiscal year
- Transfer of A/R and A/P balances to the new fiscal year
An opening document is defined – through both customizing and the aforementioned actions – and is depicted on Journal, as required by Greek legislation.
7. Legal Books:
According to the Greek Books and Data Code Regulations specific reporting is provided with descriptive but not fully defined layout. It consists of Journals, Trial Balances, Warehouse Book, Assets Register, etc. while some of them are official and must be submitted with a certain file format.
Tuesday, 08 March 2016 16:11
ELSOP has successfully completed the Contract Management project for Nea Odos Inc.
Monday, 16 February 2015 11:31
ELSOP's Mobility Department implemented SAP Fiori and customized Purchasing Workflow and Purchase Approval apps for Chipita, one of the largest Food Suppliers in Greece. The company has presence in 65 countries with 18 production plants in 10 countries. SAP Fiori was deployed for Bulgaria and Greece as first Golive. The Solution was deploeyd within 3 weeks.
Friday, 29 August 2014 10:59
ELSOP Consulting Group undertakes the Roll out implementation of SAP ERP for the Greek Entity of Playmobil in collaboration with Lufthansa Systems.
Wednesday, 14 May 2014 14:13
SAP AG today announced that SAP Fiori user experience (UX) and SAP Screen Personas software will now be included within underlying licenses of SAP software. For existing customers, SAP will provide a software credit redeemable against future software sales.
Friday, 05 June 2015 10:59
ELSOP Consulting Group undertakes the implementation of Qlikview for PAPADOPOULOU S.A.
Wednesday, 01 October 2014 10:59
ELSOP achieved a BW database compression from 3,5 TB to 340 GB! just by upgrading SQL to 2012 version in PAPADOPOULOU company BW system. Their queries performance is 4-5 times quicker! without any new aggregate or so.
This was done in 2 weeks in the production system and completelly transparent to the end users.
Wednesday, 14 May 2014 14:13
Take advantage of the new offer from ELSOP! Change radically your everyday enterprise reality with SAP Fiori. No more complicated processes and delays. Do everything via your mobile device, easily and quickly and feel SAP at the tips of your fingers. ELSOP brings you all of the benefits Fiori has to offer at a really affordable fixed price! Our offer includes installation of the proper software on your environment as well as implementation of 3 Fiori applications of your choice, only for 10.000 EUR.
Read more about our offer here.
Saturday, 26 April 2014 14:14
According Law POL 1022/31.01.2014 the Sales & Purchases Reconciliation Report (MYF) should be submitted monthly instead of yearly. The due date for submitting the data is 02.06.2014. SAP has issued 3 notes, as part of Hellenization package, with new solution for MYF reporting, without affecting the old programs.
New solution contains new set of reports and other objects, such as:
Wednesday, 09 April 2014 08:14
ELSOP’ s mobility department completed successfully the development of the “Sales Calendar” project on behalf of the Hellenic Petroleum Group. “Sales Calendar” is a mobile application designed for tablet devices using the Android operating system in conjuction with SAP's Sybase Unwired Platform. In the scope of the business on-the-go practices that the contemporary enterprise needs demand, the user, a Sales Executive or a Sales Head, can schedule or review the working program of every week with a few clicks. A Sales Head has extended privileges including inspection of the programs committed by the Sales Executives he/she is responsible for.
Tuesday, 12 November 2013 10:25
According to Law POL 1022/31.1.2014, report MYF should be provided to the Greek Authorities on a monthly basis with a specifc XML format.
For this SAP has already announced through SAP Note 1972510 - GR: new MYF montly format, XML output, for ECC 6.0 and Hellenization C-CEE 110_600 or subsequent, the required actions .
Tuesday, 12 November 2013 10:25
As you already know, the publishing in the Government Gazette (FEK 3513, 13.12.2012) and the ministerial decision POL 1221/2012, for the Upgrade of the support software for Special Secure Fiscal Device for Record Signing (SSFDRS) (Tax Devices) determine the necessary mode changes for them.
SAP has already announced through SAP Note 1825984, for ECC 6.0 and Hellenization C-CEE 110_600 or subsequent, the required actions according to the type of the device.
Wednesday, 25 September 2013 12:44
Type A tax device, models Casio FP500-600 with signature processor and signature processor 2. Conversion to pdf and automatic delivery of documents via e-mail as attached files with the corresponding name_a.txt and name_b.txt. Adaption to POL 1221 via selection functions to generate the e.txt file. The tax-devices were installed succesfully on hardware with 64-bit operating systems and restricted-user policies enforced. The installation is ready for sending the e.txt to the General Secretariat of Information Systems, that will apply from 01/01/2014.
Wednesday, 25 September 2013 09:44
ELSOP's certified application Mobile Basis for SAP is now available to download via the official SAP Store. You can download it here.
Friday, 13 September 2013 12:47
Type A tax device, models Casio FP500-600 and Proline 650-750 with signature processor and signature processor 2. Conversion to pdf and automatic delivery of documents via e-mail as attached files with the corresponding name_a.txt and name_b.txt. Customization and adaption to POL 1221 via selection functions to generate the e.txt file. The installation is ready for sending the e.txt to the General Secretariat of Information Systems, that will apply from 01/01/2014.
Thursday, 12 September 2013 14:47
Type A tax device, models Casio FP500-600 and Proline 650-750 with signature processor and signature processor 2. Conversion to pdf and automatic delivery of documents via e-mail as attached files with the corresponding name_a.txt and name_b.txt files.Customization and adaption to POL 1221 via selection functions to generate the e.txt file. The installation is ready for sending the e.txt to the General Secretariat of Information Systems, that will apply from 01/01/2014.
Thursday, 08 August 2013 14:33
ELSOP's certified application Mobile Basis for SAP is available via the Google Play store.
Monday, 05 August 2013 12:02
ELSOP is the first SAP Partner in Greece and one of the few in the world that earns a certification for a custom made mobile solution. Mobile Basis for SAP is designed to offer remote administration services for any SAP system. The application is available for purchase in the official SAP Application Store and a demo version for Android users can be downloaded from Google Play.
Monday, 15 July 2013 13:31
ELSOP's Mobility Department implemented a pilot Field Service application for Natural Gas Company, the only natural gas distributor and trader in the area of Attica, Greece. This Field Service application is hybrid, crossplatform and was developed on SAP Mobile Platform (SUP HWC).
Friday, 12 July 2013 09:31
ELSOP's Mobility Department implemented the Sales Distribution Credit Release application for Hellenic Petroleum, the largest oil supply, refining and trading company in Greece. SD Credit Released is a hybrid, crossplatform application developed on SAP Mobile Platform (SUP HWC).
Thursday, 11 July 2013 10:38
ELSOP's Mobility Department implemented the Sales Distribution Credit Release application for Hellenic Fuels, a leading company in retail fuels business in Greece. SD Credit Released is a hybrid, crossplatform application developed on SAP Mobile Platform (SUP HWC).
Wednesday, 10 July 2013 11:31
ELSOP's Mobility Department implemented the Sales Distribution Credit Release application for EKO, one of the largest energy groups in South East Europe and a leading Greek company in the oil sector. SD Credit Released is a hybrid, crossplatform application developed on SAP Mobile Platform (SUP HWC).
Thursday, 09 May 2013 11:07
ELSOP Consulting Group completed succesfully the SAP roll-out project for Total Hellas. Total is a French multinational integrated oil and gas company and one of the six "Supermajor" oil companies in the world.
Wednesday, 09 January 2013 10:23
ELSOP Consulting Group completed succesfully the SAP roll-out project for Italcementi Group. Italcementi Group is a multinational company, one of the leaders in production of cement, ready-mix concrete and construction aggregates.
Wednesday, 14 November 2012 10:47
ELSOP Consulting Group installed its custom made Mobile Basis application on Papadopoulos, one of the largest greek companies, with many years of presence in the biscuit industry and bread substitute segment. Mobile Basis by ELSOP is a SUP native Android application purposed for SAP system administration.
Wednesday, 12 September 2012 15:12
Type A tax devices , models Casio FP500-600 and Proline 650-750 with signature processor and signature processor 2. Conversion to pdf and automatic delivery of documents via e-mail as attached files with the corresponding name_a.txt and name_b.txt files.
Monday, 12 September 2011 14:23
Type B tax devices, model: DM100, DM1000.
Automatic conversion and storage through the SAP of the printed documents which have passed from the tax device as PDFs. Ability to search documents in PDF format from the SAP system.
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