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:
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Setup > Company > Company Information
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Country: Colombia
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Time Zone: GMT -500 hours
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Currency format: Colombian Peso $1.234,56
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Setup > Company > Enable Features
Check Multiple Currencies
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Setup > Company > General Preferences
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Date Format: DD/MM/YYYY
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Long Date Format: DD Month YYYY
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Time Format: hh:mm AM/PM
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Do not check the box for Use State Abbreviations in Addresses
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Setup > Company > Printing & Fax
Do not check the box for Print Business Number on Forms
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Setup > Company > Accounting Preferences
Check Use Account Numbers
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Lists > Accounting > Currencies
Base currency: Colombian Peso (COP)
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Lists > Relationships > Vendors
Default tax collection agency: Direccion de Impuestos y Aduanas Nacionales
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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 |
Meta |
Vaupes |
Cauca |
NariƱo |
Vichada |
Cesar |
Norte de Santander |
Bogota Capital District |
Colombia Tax Control Accounts
To create a tax control account, go to Setup > Accounting > Taxes > Tax Control Accounts > New. Use the following tax control accounts for Colombia:
Tax Control Account Name |
Tax Account Type |
---|---|
IVA on Purchases at 16% CO |
Purchase |
IVA on Purchases at 5% CO |
Purchase |
IVA on Sales at 16% CO |
Sale |
IVA on Sales at 5% CO |
Sale |
Colombia Tax Types
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 |
Colombia Tax Preferences
To set tax preferences, go to Setup > Accounting > Set Up Taxes. Use the following preferences for Colombia:
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Tax Code for International Sale: X-CO
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Default Tax Code: S-CO
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Tax Rounding Method: Round Off
For information about setting up tax codes for Colombia, see Colombia Tax Codes.