Complete these setups before you proceed to open format file generation.
- Set up the First Party information.
- Set up the Third-Party information.
- Note: For more information, see Withholding Tax for Israel section.
- Provide the Descriptive Flexfields Regional Information.
- Define the lookups for GL Categories exclusion.
- Use the validator to ensure that the content in these files is as per the legal
requirements. The Open Format files are audit reports, that include all financial
activities of the company and they are not restricted to tax information and
reporting.
- Verify the output.