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Three e-Accounting (eContabilidad) challenges in Mexico

October 14, 2014  |  Accounting, Latin America

As you probably know, Mexico is streets (en probably blocks) ahead of e-invoicing in Europe. From that perspective it comes as no surprise that Mexico is taking another step: e-accounting. Or in Spanish: Contabilidad Electronica, in short: eContabilidad. Now, the fact that something becomes mandatory, doesn’t necessarily means that it gets easier or simpler. In this article EDICOM discusses the challenges that comes with Mexican eContabilidad.

Challenge No 1: Creating the proper files

Companies must generate three XML files corresponding to three types of accounting reports. These are:

  • Chart of accounts (single submission and each time a change occurs)
  • Trial balances and summaries (monthly submission)
  • Journal entries (monthly submission)

Construction of these XML file policies involves great complexity, as in order to maintain thorough control of the movements of companies this accounting file must include the UUIDs (universal unique identifier of invoices, aka “tax folios”) of all receipts issued and received by businesses, including invoices for travel expenses or payroll checks.

EDICOM Solution

EDICOM’s data mapping technology allows to automatically extract all data from the company’s own accounting system and transform it into XML format. In addition, the system is able to extract the UUID codes for each receipt or invoice issued or received by companies for construction of the vouchers file.

Challenge No 2:  delivery of the files

Once the messages are generated, the taxpayers must upload them to the Tax Mailbox . This is a private portal accessed with username and password through the SAT website.

EDICOM Solution

The EDICOM platform’s integration capacity allows them to reintegrate the XML files generated back into the comany’s own information or accounts management system, ready for delivery to the SAT.

Challenge No 3: archiving and safekeeping

Under Article 34 of the Regulations of the Fiscal Code of the Federation, accounting files in their XML format must be preserved and stored as part of the accounting procedure, in compliance with the relevant official Mexican standards on generation and preservation of electronic records.

EDICOM Solution

The solution stores the XML files generated under high security conditions, with accessibility guaranteed, at the EDICOM Data Processing Centre. Likewise, all accounting documents follow the technological process associated with recordkeeping rule NOM -151, which certifies their origin and integrity against any future contingency.

Originally published here


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