Understanding Mexico Electronic Accounting

As part of the 2014 Mexican tax reform and its Tax Resolution for 2014 Electronic Media Accounting, companies in Mexico are required to maintain accounting records through electronic systems that can create XML format files with information about their transactions. You then report this information to the fiscal authorities by uploading these files to the Tax Administration Services (SAT) Internet portal, a government system provided by the Mexico Federal Tax Authority.

Taxpayers must be able to generate different types of XML files that include the following information:

Catálogo (Chart Of Accounts):

Companies must report transactions using the company chart of accounts and the corresponding grouping code, according to the catalog published by the SAT. Taxpayers must send the initial chart of accounts to the fiscal authority one initial time before sending in the other XML files. After that, companies send the chart of accounts file only if there are any changes to the information submitted.

Companies are not required to store XML files previously submitted.

Balanza (Trial Balance):

This file includes beginning balances, movements of the period (sum of debits and sum of credits) and ending balances of every one of the accounts of assets, liabilities, capital, results (revenues, costs, expenses), and off-balance sheet accounts.

Taxpayers must send the XML file to the fiscal authority every month.

Pólizas (General Ledger Report):

Companies must be ready to report detailed information on accounting transactions over a specific period, including the documents used and specific information on checks and bank transfers, when applicable.

The regulations specify that certain companies are required to report this information periodically while others must present it only when they receive a direct request from the fiscal authorities.

Auxiliar de Cuentas (Auxiliary Ledger by Account):

Companies must be ready to report detailed information about the balances and modifications of their auxiliary accounts or sub-accounts, when applicable.

The regulations specify that certain companies are required to report this information periodically while others must present it only when they receive a direct request from the fiscal authorities.

Note: For additional, detailed information about the content of the XML files that the system generates, you can access My Oracle Support and search for the article with the document ID 1994195.1, or by using this link:https://support.oracle.com/rs?type=doc&id=1994195.1