1. Country-Specific Features
  2. Colombia Help Topics
  3. Colombia-specific SuiteApps
  4. SuiteTax Latam Engine -Colombia Records
  5. Tax Types Setup for Colombia

Tax Types Setup for Colombia

When you install the SuiteTax Latam Engine -Colombia Records SuiteApp, NetSuite automatically creates the following tax type records:

However, the predefined tax type records don't include any account information to indicate where NetSuite should post the tax amounts in the balance sheet. Before you start using the SuiteApp to determine and calculate taxes in your transactions in Colombia, add the account information to the tax type records.

Adding Tax Accounts to the Predefined Tax Types for Colombia

The accounts you select in the tax type records indicate where to post tax amounts in the balance sheet.

To add tax accounts to the predefined tax types for Colombia:

  1. Go to Setup > Tax > Tax Types.

  2. Click Edit next to the tax type record you want.

  3. In the Nexus column, select Colombia.

  4. In the Payables Account column, select an account to which to post taxes on sales transactions.

  5. In the Receivables Account column, select an account to which to post taxes on purchase transactions.

  6. Click Add.

  7. Click Save.

For more information about tax types in SuiteTax, see Understanding Tax Types and Tax Codes in SuiteTax.

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