On August 19th, 2014, the 3rd modifications to the miscellaneous tax resolution were published through the Tax Authorities’ website. Please find below the most relevant items regarding electronic accounting:
Chart of Accounts
The deadline to send the chart of accounts is established and set to January 2015 for legal entities and February 27th, 2015 for individuals.
The regulations specify that taxpayers will provide their chart of accounts classifying the accounts based on the grouping code, using for these effects the most appropriate code based on the nature of the account.
It is established that the trial balance is understood as being that which is determined based on the accounting frame applied by taxpayers when preparing their financial information or the Financial Information Norms (NIF as per its Spanish acronym), USGAAP (United States Generally Accepted Accounting Principles) or IFRS (International Financial Reporting Standards).
Extension to File the Trial Balance
The dispositions established in the miscellaneous regulations are reformed to establish that the trial balance that legal entities will have to send will not have to be flied until January 2015, per the following chart: (View PDF)
It is also established that the trial balance that has to be sent to the Tax Authorities will have to at least show the ledger account levels and first level sub ledgers.
Work Papers and Accounting Entry Registration
The following simplifications are established in order to comply with accounting records.
♦ Work papers regarding calculating investment deductions are considered as part of the accounting.
♦ Accounting entry registrations will be able to be done during the month that follows the date on with the corresponding operations are carried out, the previous deadline was 5 days.
♦ If the information that allows identifying the method of payment is unknown, the expression N.A (“does not apply” per its Spanish acronym) will be able to be used instead. It will therefore no longer be necessary to specify if the payment was cash, credit or in installments.
♦ If the date of issuance of the CFDI (e-invoice) is different to the date on which the journal entry is prepared, the taxpayer will be able to consider that the obligation is being met as long as the difference is no greater than a month. For example, a CFDI dated August 10th will have to be registered in the accounting no later than September 10th.
Non-identification of Tax Folios
If the tax folio assigned to the CFDIs cannot be identified, within the journal entries, the taxpayer will be able to list all the tax folios, tax IDs and amounts that comprise the journal entry in a sub ledger report.