The new e-invoice generation process announced by the GST council may be overwhelming for some. That said, to make the E-invoice implementation seamless and efficient, Microsoft offers the Dynamics 365 Finance solution. In this blog, we will provide an overview of the Dynamics 365 Finance implementation.
The focus here would be to provide a walk-through of architecture and implementation to understand the configuration options to anticipate further customization as per specific business needs or any other integration possibilities.
The Dynamics 365 Finance solution uses three existing pillars to meet the regulatory requirements stated by the government. These include:
Electronic reporting is a tool that can be configured and used for both incoming and outgoing document formats. They are as per the legal requirements as well as technical specifications.
It is developed especially for Indian business user to enable them to configure the document formats without coding. It makes the process of creating and adjusting formats faster and easier.
The definition of the e-invoice itself is in JSON format. The incoming and the outgoing messages for inter-operation with the Invoice Register Portal, i.e. the IRP, are also defined in the report.
The electronic messaging component is used heavily in this solution. It supports various inter-operational processes for electronic reporting, submitting, and receiving official information between finance and other systems.
It is closely integrated with the electronic reporting component, allowing the users to set the messages’ format and communicate through the platform with external web services.
It helps users deal with the entire e-invoicing process. It starts from data preparation, followed by establishing connectivity with the IRP for registration or cancellation of the electronic document, along with receiving all the information like the QR code, IRN, etc. and logging the entire process history with the necessary information back to the system.
The Data Management module makes the user life easier by providing a compressed data package containing the data project manifest files. These data files loaded through the data management module allows the user to preconfigure the electronic messages.
Now let us look at the Dynamics 365 Finance implementation of the e-invoicing process.
The e-invoicing process is very similar to the regular posting of the document.
The first step includes using configuring the electronic reporting format. It validates all the mandatory information required by the regulatory authorities and is available for registering and submitting documents successfully on the IRP.
The next step is to convert the invoice into the JSON format as required for the electronic messages. Then it is sent to the IRP after establishing a connection with the IRP. The user will get a confirmation on successful registration (or cancellation).
Post-registration, the QR code and IRN are made available in the system through electronic reporting formats and saved in the database.
Also, as per the norms. the transactions to be covered include:
Also, the documents that are to be covered include:
The Microsoft Dynamics solution in the initial stage will be available for the following transactions:
Also, the Microsoft Dynamics solution in the initial stage will be available for the following documents:
However, further customization is possible in the Dynamics 365 Finance solution if required for a business.
You can connect with CocoonIT services for a demo of the Microsoft Dynamics 365 solution. We are a Microsoft Dynamics 365 gold partners in Mumbai and provide solutions for your specific business needs using the Microsoft Power apps. We would be happy to connect with your business team to provide a walk-through setup and electronic invoice process under GST for India in Dynamics 365 Finance.