As your business grows and expands into Colombia, the Colombia CSF helps to keep your Epicor Financials system compliant from day one to save time and expense. The CSF package contains the most used financial and operational functionalities in the country including:
It also supports the Spanish language for the solutions included in the CSF.
Every person/company with business activities in Colombia needs to be registered with DIAN and is given a tax ID. The One Time ID maintains all the details associated to that tax ID like fiscal regime, nature, commercial activity, address with specified catalogs, etc. This information needs to be defined for any customer, supplier or bank with which transactions will be held and its details will be reflected in financial reports.
The process of preparing a sales invoice including the generation of the electronic invoice happens in several steps. First, Epicor Financials generates and sends an XML file with the content of the invoice to a third- party local authorized partner that signs the file digitally and returns the certified version of the XML file along a new PDF file to the Epicor Financials system. Then, this certified XML file is saved and available in the Invoice Tracker program.
Accounting transactions in Colombia need to keep track of the respective tax ID (Tercero) for purchases and sales, which are then used for reporting on the General Ledger (GL) accounts.
The Colombia CSF package allows you to run the standard GL and Tax Detail reports showing the Tercero data and an optional filtering allows to narrow down the list of transactions to a specific tax ID or a range of tax IDs that improves the local regular accounting activities.
On the Accounts Receivable (AR) side, the Invoicing Report and the Cash Receipts Report show the Tercero information both on the summary level and on the transactional level for the selected period.
Standard reports such as the General Ledger, Trial Balance and the GL Journal Listing reports can be generated with a new report style for Colombia featuring a specific column on the Tercero data for each transaction.
The Magnetic Media reporting is supported by the Colombia CSF package with a special program that collects information from the Epicor Financials system. A set of default formats and pre-defined reporting logics help to manage the reporting process smoothly on the selected accounts in many different ways.
The reporting program can group transactions with smaller amounts under a certain threshold into a generic One Time ID. Likewise, transactions with foreign businesses can also be grouped into a generic One Time ID.
The Magnetic Media reporting program has been designed to help provide extraordinary flexibility to the end user. As a response to the changing DIAN requirements, the application allows the end user to change the content and structure of the reports directly in Epicor Financials, minimizing the need for additional software development.
When taxes are withheld for a supplier, there is a specific withholding tax certificate format expected to be delivered to the supplier with the details of the transaction and taxes as well as information from both the company withholding and the supplier having taxes withheld. The format is specific to Colombia as it needs to have a fiscal text included with details of the law.
Following the IFRS requirements, certain reports have been made available in Epicor Financials:
DIAN requires to print the VAT declaration in a specific PDF format, directly generated from within the accounting software. The Colombia CSF package allows to generate the respective VAT declaration report in the 300 format.
As per the Colombian requirements, the Kardex report need to show all inventory transactions in a company with balances for a selected period.
Optional grouping by warehouse or part class and filtering by part enable to generate the Kardex report as needed.