VAT book printing configuration

Value-added tax (VAT) books refer to the records and accounting documents that businesses use to keep track of their transactions for VAT purposes. Although the specific requirements for VAT books can vary from one country/region to another, they generally include the date of the transaction, the customer/vendor information, and the tax information details.

The article describes how to set up and use sales and purchase VAT tax books for the Latin American (LATAM) countries.

Prerequisites

Before you complete the steps in this article to generate and print the report, the following prerequisites must be met:

• The legal entity's address must be in a country/region that's within the LATAM localization.
• The country/region-specific LATAM feature and the general LATAM feature must be enabled.
• You must download the specific report from the Global repository. For more information, see Download ER configurations from the Global repository of Configuration service.
• You must configure the Electronic reporting (ER) parameters. For more information, see Configure the Electronic reporting (ER) framework.

Configure application-specific parameters

Lookups and conditions are designed so that you can select the combination of document classification IDs and sales tax codes that's used in the transactions. Depending on the country/region that you want to configure the report for, the applicable conditions are shown.

1. Open the Electronic reporting workspace, and select Reporting configurations.

2. Select the VAT book format for your country, and then, on the Action Pane, on the Configurations tab, in the Application specific parameters group, select Setup.

3. On the Application specific parameters page, On the Conditions FastTab, select Add.

4. In the Lookup result field, select an option. For example, select VAT.

5. In the Tax Code field, select the appropriate tax code that's used for VAT tax rates for your country/region.

   Note

   VAT books are formats that depend on the LTM tax report model. Therefore, it's important that taxes are registered for transactions. The codes that you select here must match the codes that are registered in the transactions.

6. Repeat steps 4 and 5 for each column of the report.

To ensure that the report shows the transactions that meet the configured conditions, complete the Lookup result field with blank and non-blank conditions.

Run VAT books

Follow these steps to generate the VAT book report.

1. Go to Tax > Inquiries and reports > LATAM > Tax reporting.
2. In the Format mapping field, enter or select a value. Then select OK.
3. In the From date and To date fields, enter the date range to include on the report.
4. Select OK.