One of the necessary requirements for the management of a business in Colombia in documents that Externalizes Purchases/Sales.
Setting the Retentions
The first basic step in the platform is to set up the retentions. For this, we need to go to “Table Administrator” where we select the retentions, as seen in the following image:
Select the table and you can see the retention list already configured. To add a retention, it can be done with the following screen.
Now you may proceed by introducing the data and following the steps:
Type: Introduce The Type, that is, the type of retention, where RETENTION is, when withholdings are applied to the document, or SELF RETENTION when is a special withholding that is applied without affecting the final document amount.
Value of the Calculation: is the field of the invoice or purchase that must be taken as the Base.
Module: Here is where you register the element to which the retention will be allocated. That is, the Module to which you want to apply the retention. In the case of sales, they will appear in the documents of Invoices and Credit Note. For those of Purchase they will appear in the Supplier Purchases and Supplier Credit Notes.
Name: Name of Retention.
Tax Factor: Is the percentage you want to calculate over the Base. This amount must be introduce using decimals, example: 5%=0.05.
Order By: Is the order in which you want them to appear in the list.
Default Details: For the moment it does not apply.
Account: Accountable account where you keep your retention.
Self Retain / Self withholding Account: It only applies for those withholdings type SELF RETENTION. It is the counterpart account where the self-retention must be recorded.
This procedure is very simple, as soon you start using it, it will become more natural and easy for you to obtain the detailed information of all the retentions applied using the third party Analysis report. This can be refined so that, once the retentions is created, it should show up in the list.
As follows, pls find the Retention in the Source created for this demo
As we can see, there are two retentions applied to the Sales Module and one retention to Purchases, with its respective accounts.
Using the Retentions in the Module
Below we present how you can use the retentions newly created, in documents of the Purchase and Sale Modules.
The retentions are applied manually, in the moment in which a transaction is created or edited. Therefore, you must keep this in mind at the moment of using these retentions as established by the law of your country.
Invoices and Credit Notes
Within the invoices and credit notes we can see the document screen to which we wish to apply the retention.
With the + Add button the system will add the retention calculating it according to the configure retention. However, it is possible to select by placing the Amount directly in order to square-out correctly with the value if needed.
Once it is ready you only need to click anywhere in the dark background and you will return to the previous window. Showing the result of the applied deductions summarized here:
As you can see, only the retentions configured for the sell can be seen in the Invoice document and Credit Memo. Once the invoice is saved you can consult the Accounting Detail which will show the following:
Notice the retentions note “SALE TAX RETENTION”
Purchases and Credit Notes from the Providers
In the case of purchases and credit notes in X Accounts Payable, we can observe that the procedure is the same. In which only the configured retention of the purchase module appears.
In the case of the Purchases and Credit Notes from the provider, an additional platform does the accountable transaction. The following image shows the commented:
Retentions Consult Report
Once you start using the retentions, it is very simple to obtain a detailed information of all the applied retentions by just using the Third Party Analyst report. It can be filtered to show the retentions made according to the accounting account set out in the retentions.
Reports found at My Finances / Account Reports, which can be seen below.
For example, to consult all the retentions made by the account provider used in our example, we can use the Third Party Analysis report by account, where you can use the following filter to review retentions made within a period of time, for example from 2016-03-01 to 2016-03-30:
It will show the following information when generated.
Here is listed by account, the application grouped by Third with RUC/NIT the Debit value, Credit and its Balance.
In the same way, it can be exported to Excel for a better certificate handling by pressing the Botton Export to Excel.