Mexican taxpayers must do their bookkeeping electronically and then forward the results to the Tax Administration Service (SAT). This is an initiative that was included in the Omnibus Tax Ruling (RMF) for 2014, although it was not yet fully developed until now. Nevertheless, in the Second raft of amendments to the RMF and Annex 24, the SAT details the regulated electronic schema for issuing e-documents or electronic accounting reports.
So, at the end of each month, individuals and corporations are required to send the SAT three files, traditionally submitted on paper, but which will be generated in electronic XML format as the new regulation comes into force:
Chart of accounts that have shown movement in the period.
Journals generated. A record of actual movements (purchases, sales, expenses, etc.). In traditional accounting, many taxpayers generate this document on a daily basis, although the electronic system uses monthly periods.
Trial balance, which includes opening balances, movements, final balances of each account, results, etc. In addition to monthly statements, taxpayers must also generate a year end annual balance sheet. This must be delivered to the SAT in April, in the case of legal persons, or in May, in the case of natural persons.
These three documents are part of the usual accounting procedure, but until now they were not sent to the SAT, but simply stored on paper for possible checking or third-party audits. With electronic accounting, these three reports must be generated in XML with the technical specifications laid down in Annex 24 of the second raft of amendments to the RMF.
Implementing an electronic accounting system allows users to automate the entire creation and safeguarding process for electronic documents, relieving company accounting and admin departments of an extraordinary workload, while fully complying with the new fiscal control measure issued by the SAT.
This is a procedure which companies can outsource to an EDI (Electronic Data Interchange) service provider such as EDICOM, whose platform implements the necessary developments to generate the XML files and integrate them with each company's own accounting system.
Once the messages are generated, the taxpayers must upload them to the Tax Mailbox . This is a private portal accessed by username and password through the SAT website. This part of the process is performed manually, as there is currently no method that would allow automatic connection to the mailbox.
Electronic accounting comes into force this July for legal persons (companies). However, they may wait until October to submit their statements. In November, they should do so with their accounts for August and in December, with the books for September and October. Finally, in January 2015, the information on the last two months of 2014 will be delivered to SAT, so that taxpayers can see in the new fiscal year up to date with their tax obligations. 2015