Required Account Settings

Setting the Reporting Frequency for Spain VAT Reports

Before you generate your VAT reports, you must set the reporting frequency for Modelo 303 and Modelo 349 reports based on your business needs. You can choose between a quarterly or monthly reporting frequency.

To set the reporting frequency:

Go to Setup > Tax Reporting > Country Tax Report Preferences.
On the Period Filters subtab, review and change the settings in the Reporting Frequency column for Modelo 303 and Modelo 349 reports.
Note:
Depending on your SII reporting requirements, you must set the reporting frequency of Modelo 303 accordingly. Consider the following situations before setting the reporting frequency:
- If you are required to report SII, select the monthly reporting frequency.
- If you report SII voluntarily, select either the monthly or quarterly reporting frequency, depending on whether you are registered in the Monthly Refund Regime (REDEME).
Click Save.

For more information, see Setting Up Country Tax Reporting Preferences.

Setting Up Accounting Periods for a Year

At the beginning of each year, you must set up accounting periods for that year. To ensure a proper setup, follow the procedure described in Setting Up Accounting Periods for a Year.

Assigning Tax Item Type for your Transactions with Item Records

Items are the goods and services you sell to customers, and the parts and raw materials you purchase from vendors. Your transactions with item records are only included in the generated reports if you select a value in the Tax Item Type field and differentiate if your items are Goods or Services.

To set the tax item type:

Go to Lists > Accounting > Items.
Click Edit next to the item you want to update.
Click the Tax subtab.
In the Tax Item Type field, select a tax item type from the list.
Click Save.

Note:

Even though journal entry transactions are not associated with items, their tax lines use the same logic in the Tax Item Type field. If the field on journal entry lines is left blank, such tax lines will be excluded from the Modelo 303 and Modelo 390 generated reports.

The tax item type assignment does not impact posting and taxable transactions that are not associated with items, such as expense reports.

For more information, see Tax Item Types in the SuiteTax Engine.