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InvoiceNow

Introduction

In Singapore today, most companies (sellers) issue invoices by extracting the data from their accounting/ERP systems and formatting it in human-readable form and sending it to the buyers via paper or email.

At the receiving end (buyer), manual effort is required to enter or scan the information into their systems which is a time-consuming and error-prone process.

The Nationwide E-Invoicing Network adopts the Peppol framework which allows direct transmission of e-invoices from one finance system to another without human intervention, speeding up invoice processing which results in faster payment. This greatly reduces the time spent verifying invoices and chasing for payment.

In the Peppol network, documents are exchanged using a common XML format known as the BIS (Business Interoperability Specifications) Billing 3.0 UBL. This common standard allows users to choose their preferred accounting and ERP platforms, while being able to exchange invoices with their partners who may not be using the same platform. Documents are exchanged through Access Points, which serve as gateways into the Peppol network. Access Points take up the responsibility of mapping invoices of various formats into the standard format and send them to the receiving Access Points through the Peppol network.

The Peppol network works based on a principle of a 4-corner model., illustrated above. In a transaction, the seller’s objective is to successfully send an invoice to the accounting/ERP system of the buyer. Regardless of invoice format, documents that are sent out by the seller (corner 1) will be converted into the common standard at its Access Point (corner 2). The global directory will provide necessary information to corner 2 to identify the receiving Access Point (corner 3) for the e-invoice to be sent through the network. Upon receiving the e-invoice, corner 3 will map the e-invoice into the preferred format of the buyer (corner 4).

This network allows the businesses to use the Accounting/ERP solution of their choice, connect once and connect to all.

Setting Up InvoiceNow for QuickBooks Online

Invoices from QuickBooks Online. All suppliers invoices also will be automatically posted in AP (suppliers) into QBO.

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FAQ

Will I be able to recall an e-invoice after sending it? What should I do if I need to recall an e-invoice?

No, sent e-invoices cannot be retrieved. The InvoiceNow network functions similarly to email, i.e. once the invoice is created/finalised and sent across the network, there is no feature/function in the network to retrieve the sent invoice. In order to cancel the incorrect invoice, we recommend the supplier to send out a credit note with reference to the wrongly sent invoice to cancel the incorrect data elements. Alternatively, the supplier can instruct the e-invoice recipient to discard the received incorrect e-invoice and re-send a fresh one. To minimise such issues, the sender could try saving the invoice as draft and review the details before finalising and sending it out to the customer.

Will the government be able to see the details of my invoices?

No, under current regulation, the government is not able to access or track your e-invoices. The routing of e-invoices through the network is on a direct peer to peer basis between the sending and receiving Access Point providers. SGNIC maintains a central directory of businesses on the network which is necessary for Access Points to know which AP to route destination e-invoices to. (similar to how SGNIC maintains the DNS addresses of Singapore registered domains, such that any URL typed on a browser lands on a destination webpage).

Is the InvoiceNow network secure?

Yes, the network is secure. Firstly, only Peppol certified Access points are registered on the network and are authorised with a PKI certificate issued by the governing authority. Secondly, all data being transmitted on the network is protected with SSL transport layer security such that it only goes through securely encrypted pipes. Thirdly, the data being transmitted is signed using the Access Points Service Provider (AP) authorised PKI certificate to ensure that the data is genuine and non-repudiable. Lastly, any receiving Access point will check the signature of the sending Access point service provider to ensure that it is as per the authorised one registered on the network and only accept data sent by genuine Access Points.
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The OCBC Start Digital Pack is supported by Enterprise Singapore (“ESG”) and the Info-communications Media Development Authority (“IMDA”) and is offered by Oversea-Chinese Banking Corporation, Limited (“OCBC”) to its business banking customers.

You must meet the following criteria (“Eligibility Criteria”) to be eligible for the OCBC Start Digital Pack:

  1. Registered and incorporated in Singapore with a valid UEN issued by ACRA for the following business entity types: Sole Proprietorships, Partnerships, Limited Partnership, Limited Liability Partnership and Companies;
  2. At least 30% local shareholding;
  3. Group annual sales turnover of not more than $100 million OR Group employment size of not more than 200 employees;
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