Technology Update
Our present is the best guarantee for the future

Mexico rolls out electronic accounting

28/07/2014

México implanta la contabilidad electrónica

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.

 

Immediate application

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

 

Would you like to find out more?


Ask for information.

Tags

Cloud Computing B2B Cloud Platform EDI ASP-SaaS e-Invoicing GDSN VMI VAN OFTP2 AS2 Certification Authority Digital Signature Outsourcing SLA Software EDICOM Events Expert Chat SaaS-ASP Corporate Information GS1 CFDI PAC APP Associated Facturae Data Sync NOM151 partners EDICOM Retail public administrations Acreditations Web Portal EDI NF-e einvoicing Partner Web Portal SAP EDI Health Edicomdata CRP EBI ei Payroll Portal B2B EDICOMNet edi logistics SAFT-PT Ticket Portal Avaluos business@mail EDI Manufacturers CT-e NFS-e TSD epayrolls factura electronica edi automotive customer support center comprobante de pago CAE e-billing DTE e-awb comprobantes fiscales electrónicos nfc-e eaccounting contabilidad electronica CFE comprobante fiscal electronico compliance eAWB retenciones electronicas xml-cargo peppol edicom air iata e-cargo IVA Cargo-XML EDICOMAir SUNAT Perú SEE Business Mail Payrolls recibos de sueldo EDI Auto b2g eprocurement datapool panama sii PCRDD SII AEAT NHS edi academy comercio exterior EDICOM LTA sat paperless mmog OFTP EDI Web colombia CFDI Nóminas DIAN México SAF-T VAT DESADV ASN Fatture B2B Costa Rica Complemento pagos Chorus Pro moda interoperabilidad Cancelación suministro inmediato de información european union digitalización emisión electrónica openpeppol global einvoicing factura electrónica ecuador automotive industry United States and Mexico edicom sii norway VAT compliance tax administration air freight sector UNCTAD aviso de expedición Advanced Shipped Notice Despatch Advice data synchronization peppol network peppol standards peppol european union chile tendencias interoperability interconexión SINTEL Brasil interoperabilidade foreign trade e-procurement trends digitization digital transformation SaaS edicomsii MMOG/LE latam global einvociing cybersecurity EDI financeiro white paper factura electrónica colombia fintech fashion eIDAS e-archiving ebimap SME EDICOMLta e-commerce EDI financiero russia fattura b2b B2B e-Invoicing GDPR RTIR FACe FACeB2B portugal blockchain

Follow us on

  • linkedin
  • rss