This training program is designed to provide companies with a comprehensive understanding of Hungarian accounting practices, focusing on how to issue invoices and report petty cash. The goal is to ensure that employees are proficient in Hungarian compliance, regulatory requirements, and efficient day-to-day operations.
The goal is to equip accounting staff with the necessary skills and knowledge to issue compliant invoices and manage petty cash reporting in Hungary.
Objective:
To introduce Hungarian accounting standards, tax laws, and compliance requirements for businesses operating in Hungary. This foundational understanding is necessary for accurate bookkeeping and financial reporting.
Content:
Objective:
To provide detailed instruction on how to issue invoices that comply with Hungarian regulations, including mandatory elements, VAT rates, and invoicing software.
Content:
Mandatory elements of a Hungarian invoice (e.g., issuer and recipient details, invoice number, description of goods/services, VAT number, total amount, payment terms)
Explain how failing to include required elements leads to penalties and non-compliance.
VAT regulations in Hungary
Different VAT rates (5%, 18%, 27%) and when they apply
Electronic Invoicing (e-Invoicing) in Hungary
Overview of mandatory e-invoicing rules (NAV integration)
Tools: Using NAV’s online invoicing system (Online Számla)
Common mistakes and best practices for issuing invoices
Case studies of common invoicing errors and their consequences
Objective:
To guide participants on best practices for managing and reporting petty cash in Hungary, ensuring proper recording and reconciliation to comply with Hungarian laws.
Content:
Definition and importance of petty cash management
Importance of controlling petty cash for minor day-to-day transactions
Legal limits and requirements for petty cash transactions in Hungary
Petty cash voucher: Necessary elements
Date, transaction amount, description of purchase, authorized signatures, etc.
Explanation of how improper petty cash management can lead to discrepancies in tax filings and audits
Reconciling petty cash
How to regularly reconcile petty cash with accounting records
The role of petty cash in the company’s balance sheet and monthly financial reporting
Cash handling procedures (including security and internal controls)
Who is responsible for petty cash, setting up approval processes, and ensuring transparency
Objective:
To provide participants with a hands-on session to apply what they’ve learned about invoicing and petty cash reporting.
Content:
Issuing invoices: Practical exercise
Participants will issue a series of sample invoices based on provided scenarios
Participants will use NAV’s online invoicing tool and accounting software
Petty cash reporting simulation
Participants will record and reconcile petty cash transactions using provided petty cash vouchers and logbooks
Participants will perform a petty cash audit and reconciliation based on company records
Compliance with Hungarian regulations: Failure to issue proper invoices or manage petty cash can lead to fines, tax penalties, and legal issues.
Understanding VAT regulations and invoicing software: This is essential for companies dealing with cross-border transactions, especially between Italy and Hungary.
Efficient cash management: Proper petty cash management ensures transparency, reduces discrepancies in financial reports, and prevents fraud.
Practical application: Hands-on sessions ensure that theoretical knowledge is applied in real-world scenarios, improving the learning experience and retention.
By following this structured training plan, Italian companies can ensure their accounting departments are well-equipped to handle Hungary’s invoicing and petty cash reporting requirements.