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Document Entry Scenarios

Tropicalrambler (Alain Berger) edited this page Jul 21, 2020 · 25 revisions

Document Entry Scenarios

Introduction

Several accounting documents exist in Guatemala, and each has a specific and particular manner for which taxes need to be declared and accounted for. In particular, the Sales Tax or VAT (IVA) accounting will have specific scenarios depending on the Tax Category of the Supplier, our entity (Company), for export purposes , and even on a per item basis. This wiki page aims to clarify specific example of each scenario to help the user account and declare taxes properly.

Scenario #1: Invoice for Goods Purchased

In this scenario, our Company buys a pound of coffee for Q22. The supplier is a default supplier, which means the invoice will be affected for VAT. Value added tax rate is 12% included in price. Doctype Requirements:

  1. Account: Create a Chargeable account destined to keep track VAT Payable amount (Credito Fiscal)
  2. Purchase Taxes & Charges Table: Create a Template with the following field values: Title: "IVA 12% Guatemala" Default: 1 Default when excise taxes present: 1 Is Exempt?: False Purchase Taxes and Charges Table: { "Consider Tax or Charge for": On Net Total "Add or Deduct": Add "Type": On Net Total "Is this Tax included in Basic Rate?": 1 "Account Head": ((The account created above)) "Description": ((Automatic loading or whatever you desire)) "Cost Center": ((Not required, but specify any cost center you wish)) "Rate": 12.00 }
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