• The Golden Tax system is required by the Chinese government to process and print value-added tax (VAT) invoices. Every Chinese company needs to print VAT invoices using the Golden Tax system. For information on Golden Tax, see QAD Global Tax Management User Guide.

• Chinese financial regulations require all GL transactions to be verified as well as approved. The system supports verification and approval processes and printing transactions that include the names of the creator, verifier, and approver. See Verifying and Approving Transactions.

• In China, it is necessary to provide various financial reporting statements in standard formats. All required reporting requirements are fully supported with region-specific reports.

• The China Accounting Interface exports accounting data into text files that meet regulatory requirements. See Exporting Accounting Data.

• In the Journal Entry activities, you can specify the original GL posting on which the reversal posting or the replacement posting you are creating is based.

• Reports show relationships among original GL postings, reversal GL postings, and replacement GL postings.

• When you create a reversal GL posting, you can choose whether to enter negative amounts on the same DR/CR side against the original GL posting lines or to enter positive amounts on the opposite DR/CR side.

• You can create Chinese balance sheets and income statements using the Regional Balance Sheet report (25.15.5.8) and Regional Income Statement report (25.15.5.9), and print the outputs based on a multi-level alternate COA structure. See Structured Reports.