How to Set Up 340 Reports for Small Businesses
Use the following procedure to set up your business to report on a cash basis, that is, Cash Accounting Criteria (CAC). If you have not already done so, you can set up posting groups for cash-based VAT accounting for purchases and sales.
When you file a report 340, any transaction lines that are associated with unrealized VAT are assumed to have taken place under cash accounting.
After VAT posting is set up to handle unrealized VAT, any printed sales order, purchase order, and so forth will be modified to have the following label in bold font added to the report just before the section reporting the document lines: Régimen especial del criterio de caja.
To set up reporting under CAC
- Choose the icon, enter General Ledger Setup, and then choose the related link.
- On the General FastTab, select the Unrealized VAT check box on the General Ledger Setup page. Choose the OK button.
- Choose the icon, enter VAT Posting Setup, and then choose the related link.
- On the VAT Posting Setup page, select a group to modify or create a posting group that has general ledger accounts to treat the VAT amounts for the various unrealized VAT accounts in your VAT Posting Setup, and then choose the Edit action.
- On the General FastTab, set the Unrealized VAT Type to Percentage.
- On the Sales and Purchase FastTabs, specify general ledger accounts for the various VAT Unreal. Account fields.
See Also
Report VAT to Tax Authorities
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