We are excited to announce the release of the V4 Update for the GSQ Invoicing System at Grey Square (Private) Limited! This update brings a crucial new feature—Harmonized System (HS) Codes—to ensure full compliance with the latest ZIMRA requirements under the Fiscalisation Data Management System (FDMS).
What’s New in GSQ Invoicing System V4?
The V4 Update introduces the integration of HS Codes (Harmonized System Codes) into the invoicing process. HS Codes are a standardized numerical classification system (8-digit code) for traded products, developed by the World Customs Organization (WCO). These codes are essential for identifying goods when exporting or importing, and ZIMRA has extended their use to include the classification of domestic products and services for recording and transmitting sales transactions under the FDMS.
As part of the V4 Update, every item on your invoice will now need to include its relevant HS Code, in line with ZIMRA’s new requirements for sales transactions.
Why HS Codes Matter?
HS Codes play a significant role in facilitating trade, as they allow for the consistent classification of goods across borders. For ZIMRA, this classification system is crucial for accurately capturing and reporting sales transactions, particularly in relation to VAT and other tax compliance.
By including the correct HS Codes on your invoices, your business will:
- Ensure Full ZIMRA Compliance: As per the new ZIMRA regulations, businesses are required to include HS Codes for all domestic products and services when transmitting sales data.
- Simplify Customs and Tax Reporting: HS Codes help standardize the classification of goods, making it easier for ZIMRA to process and analyze sales data.
- Avoid Penalties: Non-compliance with the inclusion of HS Codes on invoices could lead to penalties or delays in the approval of your sales transactions.
How Does the V4 Update Impact Your Invoicing?
The inclusion of HS Codes means that your invoices will now have an additional field for each item, where you must specify the appropriate 8-digit HS Code for the product or service being sold. The update ensures that:
- HS Codes Are Automatically Incorporated: When adding items to invoices, the system will prompt you to select or input the correct HS Code for each item. You can easily search and assign the appropriate code from a list.
- Invoice Structure Is Updated: The structure of the generated invoices has been modified to include these HS Codes for each item, ensuring that your sales data complies with the FDMS regulations.
- Smooth Integration with ZIMRA’s FDMS: The GSQ Invoicing System V4 is fully optimized to record and transmit sales data under ZIMRA’s FDMS, including the required HS Codes.
Why Upgrade to V4?
- Compliance with ZIMRA Regulations: The V4 Update is essential for businesses to meet the new requirements set by ZIMRA for including HS Codes on domestic sales transactions.
- Improved Tax Reporting: By ensuring your sales data is correctly classified, the V4 update will help streamline tax reporting and minimize discrepancies during ZIMRA audits.
- Accurate Classification of Goods and Services: The HS Codes will ensure that all items on your invoices are accurately classified, making it easier to track, analyze, and report on your business transactions.
- Easy Integration: With the automatic prompting of HS Codes, this update integrates seamlessly into your current invoicing workflow, making the transition smooth and hassle-free.
How to Upgrade to V4?
The V4 Update is already available and ready for you to implement. We encourage all our clients to upgrade to the latest version to remain fully compliant with ZIMRA’s new requirements and to benefit from this essential feature.
Upgrading is straightforward, and our support team is available to help guide you through the process. We’ll ensure that your invoicing system is fully optimized and compliant with the latest regulations.
How to Get Started with V4:
- Contact Our Support Team: Reach out to us to initiate the upgrade process.
- Implementation: Our team will help you seamlessly transition to V4, ensuring your invoices reflect the correct HS Codes for all applicable items.
- Training & Support: We’ll provide guidance on how to select and assign HS Codes to your invoice items, and ensure that the integration with ZIMRA’s FDMS is functioning smoothly.
Grey Square (Private) Limited: Empowering Your Business with Compliant, Efficient Solutions
At Grey Square, we are dedicated to providing businesses with the tools they need to stay ahead of regulatory requirements and simplify their invoicing processes. The V4 Update for the GSQ Invoicing System is designed to make it easier for your business to comply with the latest ZIMRA guidelines on the inclusion of HS Codes, while ensuring the accuracy and integrity of your financial data.
Upgrade to V4 today and ensure that your invoices are fully compliant with ZIMRA’s new fiscalisation requirements. Let us help you stay on top of the latest regulatory changes and ensure your business runs smoothly.
For more information or assistance with the upgrade, contact us today!
Learn more about HS Codes on ZIMRA’s website.
