(COL) Journal Entries with VAT for Colombia

You can only use tax explanation codes V and VT. When you need to save allocation with tax area (even if the tax rate/area has no tax), you must record the area with a GL offset without percentage.

Industry and commerce tax is calculated based on the economic activity parameter specified in the regional information in the JD Edwards EnterpriseOne Address Book system. You can change this value on the Journal Entries with VAT form in the Pay Item field.