Tax Types Setup for Colombia
When you install the SuiteTax Latam Engine - Colombia Records SuiteApp, NetSuite automatically creates the following tax type records:
-
IVA_CO
-
RETEFUENTE_CO
-
RETEICA_CO
-
RETEIVA_CO
However, the predefined tax type records do not 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 in the balance sheet NetSuite posts the tax amounts.
To add tax accounts to the predefined tax types for Colombia:
-
Go to Setup > Tax > Tax Types.
-
Click Edit next to the tax type record you want.
-
In the Nexus column, select Colombia.
-
In the Payables Account column, select an account to which taxes on sales transactions for the nexus should be posted.
-
In the Receivables Account column, select an account to which taxes on purchase transactions for the nexus should be posted.
-
Click Add.
-
Click Save.
For more information about tax types in SuiteTax, see Understanding Tax Types and Tax Codes in SuiteTax.