One of the principal reasons to open new offices is to get closer to the local market, understand it and provide solutions that meet local needs.
That’s what we do by providing brand new Payroll and Localization for Kenya!
Kenyan Chart of Accounts
It is now possible to install specific accounting features for the Kenyan territory. Both the following modules must be installed:
These modules are mandatory to access:
- The list of accounts used in the local GAAP.
- The list of common taxes (VAT, etc.).
- Improved reports such as Profit and Loss and Balance Sheets.
Easily compute your Payroll internally
With this new release, you can internalize your payroll management directly from Odoo software and benefit from all the Kenyan specificities (NHIF, NSSF, Insurance & personal reliefs, PAYE,...).
To access all these specificities, install the two following modules first:
This is how it works in Odoo:
- Set up the employee’s contract and populate all the advantages he or she has.
- Generate the Payslips based on the employee work entries
- Odoo computes the salary rules accordingly and generates a beautiful payslip sheet for your employee!
To get the Kenyan Payroll, you need to have the Payroll App installed, and your database must be in version 16.0 or a later one. Odoo SH, Odoo Saas, and On-Premise are all eligible.
Kenyan TIMS Integration? Sure!
The Kenya Revenue Authority (KRA) has decided to go digital for tax collection through the Tax Invoice Management System (TIMS). As of December 1st, 2022, all VAT-registered persons should comply with TIMS. The goal is to reduce VAT fraud, increase tax revenue, and increase VAT compliance through standardization, validation, and transmission of invoices to KRA on a real-time or near-real-time basis.
All VAT-registered taxpayers should use a compliant tax register. Odoo decided to develop the integration of the Tremol G03 Control Unit (type C), which can be run locally through USB: so easy! This device validates invoices to ensure financial documents meet the new regulations and send the validated tax invoices directly to KRA. Check out the flow and see how convenient it is!
Regarding these new tax obligations, coming into effect on December 1st in Kenya, Odoo is ready!
Date published: Nov 22nd, 2022at 4.00 pm
New Kenyan Localization features available on Odoo!