Abstract: A method for generating and reporting electronic invoices for a payment transaction includes: storing a plurality of entity data entries, each including data related to a taxable entity including a transaction account number, tax identification number, and entity invoicing data; receiving a transaction message for a payment transaction, the message including a primary account number and transaction data; identifying a specific entity data entry where the included transaction account number corresponds to the primary account number; generating an electronic invoice, wherein the electronic invoice is formatted according to one or more invoicing standards set by a regulatory agency and includes at least the transaction data and the tax identification number and entity invoicing data included in the identified specific entity data entry; and electronically transmitting the generated electronic invoice to at least one of: the regulatory agency and the taxable entity associated with the specific entity data entry.