Colombia Tax Setup

For guidance on setting up your NetSuite account to track and report taxes in Colombia, read the following topics:

Account Settings for Colombia

Following are recommended settings for Colombia:

Setup > Company > Company Information
- Country: Colombia
- Time Zone: GMT -500 hours
- Currency format: Colombian Peso $1.234,56
Setup > Company > Enable Features

Check Multiple Currencies
Setup > Company > General Preferences
- Date Format: DD/MM/YYYY
- Long Date Format: DD Month YYYY
- Time Format: hh:mm AM/PM
- Do not check the box for Use State Abbreviations in Addresses
Setup > Company > Printing & Fax

Do not check the box for Print Business Number on Forms
Setup > Company > Accounting Preferences

Check Use Account Numbers
Lists > Accounting > Currencies

Base currency: Colombian Peso (COP)
Lists > Relationships > Vendors

Default tax collection agency: Direccion de Impuestos y Aduanas Nacionales
Setup > Company > States/Provinces/Counties

Amazonas

Choco

Putumayo

Antioquia

Cordoba

Quindio

Arauca

Cundinamarca

Risaralda

Atlantico

Guainia

San Andres, Providencia

Bolivar

Guaviare

Santander

Boyaca

Huila

Sucre

Caldas

La Guajira

Tolima

Caqueta

Magdalena

Valle del Cauca

Casanare

To create a tax control account, go to Setup > Accounting > Taxes > Tax Control Accounts > New. Use the following tax control accounts for Colombia:

To create a tax type, go to Setup > Accounting > Taxes > Tax Types > New. Use the following tax types for Colombia

Tax Type	Liability/Sales Tax Account	Asset/Purchase Tax Account
IVA_CO	IVA on Sales at 16% CO	IVA on Purchases at 16% CO
IVA5_CO	IVA on Sales at 5% CO	IVA on Purchases at 5% CO

To set tax preferences, go to Setup > Accounting > Set Up Taxes. Use the following preferences for Colombia:

For information about setting up tax codes for Colombia, see Colombia Tax Codes.