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New SAT Financial Requirements in Mexico: How to Comply without Going Crazy

New SAT Financial Requirements in Mexico: How to Comply without Going Crazy
Starting July 1st 2014, companies operating in Mexico are subject to new financial requirements established by Mexico’s tax authorities  (Servicio de Administración Tributaria – SAT) , which will come into full effect in January 2015.

Taking the lead after the Mexican Government announcements, IT Convergence developed a solution designed to adapt Oracle E-Business Suite to the new Electronic Accounting stipulations.

How does It Work?

IT Convergence’s Electronic Accounting solution generates the XML files required by the SAT for General Ledger Accounts, Trial Balance and Journal Entries by obtaining information from the Accounts Payables, Account Receivables and General Accounting modules. In the specific case of Journals Entries, the solution includes the required information about Checks, Transfers and other electronic documents, including the ones about Fiscal Folio.

Our team of experts developed the solution leveraging a modular approach and respecting the development standards for Oracle Apps customizations. The design includes the possibility of retrieving Fiscal Folio data from vendor/client invoices and payroll receipts via integration.

To increase visibility of the information being sent to the SAT, our developers also incorporated a series of reports that include:

•    Chart of Accounts
•    Mapped Grouping Codes
•    Account Balance
•    Journal Entry information and related Electronic documents
•    Information regarding Checks and Transfers

Who can Leverage ITC’s Solution?

The solution for Electronic Accounting is available for Oracle E-Business Suite 11.5.10 and R12 without need of customizing process flow or account plan structures.

When will it be Released?

IT Convergence’s solution can be installed quickly and is available starting October 2014.
     
To find out how we can help you comply the new financial requirements in Mexico, refer to the Q&A session transcript from ITC’s webcast  on this topic. Visit our website  for more information about IT Convergence’s Oracle Services for Latin America.