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What is GoBD?

From a travel expense management perspective, GoBD (Grundsätze zur ordnungsmäßigen Führung und Aufbewahrung von Büchern, Aufzeichnungen und Unterlagen in elektronischer Form sowie zum Datenzugriff) refers to the German principles for the proper keeping and storage of books, records, and documents in electronic form, and for data access. These principles set the legal framework for how electronic records and financial data, including travel expense records, must be handled to ensure compliance with German tax laws.

Key Points:

  1. Purpose: Ensures the proper management and storage of electronic financial records, including travel expenses, in compliance with German tax regulations.

  2. Requirements: Specifies guidelines for the accuracy, completeness, and retrievability of electronic records.

  3. Documentation: Requires thorough documentation of processes and procedures for maintaining and accessing electronic records.

  4. Retention: Mandates the retention of electronic records for a specified period (typically 10 years).

  5. Auditability: Ensures that electronic records are accessible and verifiable by tax authorities during audits.

Example:

A company using a travel expense management system in Germany must ensure that all electronic records of travel expenses are stored securely, can be retrieved accurately, and are kept for the required retention period, following GoBD guidelines.

Benefits:

  • Compliance: Helps businesses adhere to German tax laws and avoid penalties.

  • Organization: Ensures systematic and reliable record-keeping of travel expenses.

  • Audit Readiness: Facilitates smooth and efficient audits by tax authorities.

In summary, GoBD in travel expense management ensures that electronic records of travel expenses are properly maintained, stored, and accessible in compliance with German tax regulations, facilitating accurate record-keeping and audit readiness.

If you want to learn more about GoBD and other compliance topics, please refer to the links below:

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