What Happens if I Upload Invoices From Previous Accounting Periods Late?
Accounting in Estonia is done every month and the deadlines for submitting your report are very strict.
We only have a couple of weeks to do the bookkeeping and generate the reports and invoices of thousands of customers.
Even applying modern-day automation techniques, as in Companio, takes a little time. That's why we ask you to upload all the invoices from your previous month (sales invoices and purchase invoices) up to the 5th of the following month.
If your bank account does not have an API or OpenBanking connection that allows us to get your bank statements automatically or access your bank movements, we kindly ask you to upload the bank statements also up to the 5th day of the following month too.
For example, in December, we start to do your company's accounting during November. Therefore, we only have until December 10 to prepare and submit your TSD report and until December 20 to prepare and submit your KMD (VAT) report. Even if these reports are empty, we need to submit them anyway. Our accountants must have all the information ready by December 5.
If you don't upload the invoices we need in time, these movements can't be included in the appropriate report. In the worst-case scenario, they will be considered fringe benefits (similar to profit distribution), and you will have to pay taxes for them under Estonian law.
In some cases, we can avoid that scenario by redoing your accounting for those periods, but we will charge an extra monthly fee due to the fact that we need to redo all the accounting and bookkeeping for that month. Said otherwise, we need to do the accounting for that month again, which is also time-consuming. We can't guarantee that we can do this in due time, as we must prioritize customers who fulfill their obligations on time.
Starting January 2023, we are applying a late document uploading penalty for each document uploaded after the 5th of the following month. You can read more about this here.
We only have a couple of weeks to do the bookkeeping and generate the reports and invoices of thousands of customers.
Even applying modern-day automation techniques, as in Companio, takes a little time. That's why we ask you to upload all the invoices from your previous month (sales invoices and purchase invoices) up to the 5th of the following month.
If your bank account does not have an API or OpenBanking connection that allows us to get your bank statements automatically or access your bank movements, we kindly ask you to upload the bank statements also up to the 5th day of the following month too.
For example, in December, we start to do your company's accounting during November. Therefore, we only have until December 10 to prepare and submit your TSD report and until December 20 to prepare and submit your KMD (VAT) report. Even if these reports are empty, we need to submit them anyway. Our accountants must have all the information ready by December 5.
If you don't upload the invoices we need in time, these movements can't be included in the appropriate report. In the worst-case scenario, they will be considered fringe benefits (similar to profit distribution), and you will have to pay taxes for them under Estonian law.
In some cases, we can avoid that scenario by redoing your accounting for those periods, but we will charge an extra monthly fee due to the fact that we need to redo all the accounting and bookkeeping for that month. Said otherwise, we need to do the accounting for that month again, which is also time-consuming. We can't guarantee that we can do this in due time, as we must prioritize customers who fulfill their obligations on time.
Starting January 2023, we are applying a late document uploading penalty for each document uploaded after the 5th of the following month. You can read more about this here.
Updated on: 14/12/2022
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