Preparing an Invoicing System Before Starting a Business in Georgia

The invoice template should present the sender, customer, service details, amounts and tax treatment completely and in a way that can be readily verified. The required details depend on the specific transaction, tax status and document type. A unique, sequential numbering series ensures that each invoice number is assigned only once and that the associated document can be found. Before the business starts operating, it is also necessary to clarify which transactions require a VAT Invoice in addition to a standard invoice, issued through the Revenue Service of Georgia’s system. This tax document records a transaction for Georgian value added tax and can serve as evidence for the customer’s input tax deduction. Incorrect invoices must not be overwritten without a traceable link to the original document. A correction document amends or cancels an issued invoice, and separate procedures should be in place for cancellations, amount changes, returns and incorrect invoice details. Issued invoices are then transferred to bookkeeping along with their accounting and tax data. Complete data fields, fixed transfer times and checks for missing or duplicate transfers should be established for this purpose. The numbering series, tax document, correction process and transfer to bookkeeping should be tested together before the first invoice is issued.