Format 1007 file for Colombia configuration

This article explains how to set up and issue a format 1007 file. The format 1007 file provides information about the revenue that the company received during a period.

Prerequisites

Before you print the report, the following prerequisites must be met:

• The address that's set for the legal entity must be in Colombia.

• Enable the country-specific Latin American (LATAM) globalization feature and the general LATAM feature.

• Import the following configurations from the Global repository:

  • LTM Tax Report
  • Format 1007 format

  For more information, see Download ER configurations from the Global repository of Configuration service.

• Configure Electronic reporting (ER) parameters. For more information, see Configure the Electronic reporting (ER) framework.

Configure application-specific parameters

Lookups and conditions are designed so that you can select the combination of documents classification IDs and sales tax codes that's used in transactions that are shown on the report.

Follow these steps to set up the parameters for the report.

1. Go to Organization administration > Workspaces > Electronic reporting, and select Reporting configuration.

2. On the left, select LTM Tax Report deployment > Format 1007.

3. On the Action Pane, select Configurations > Application specific parameters > Setup.

4. In the Lookups section, select the first lookup, InvoiceAndCreditNoteIsApplicable. Use this lookup to select the document classes that are used for invoice and credit note transactions that contain the company revenue.

5. In the Conditions section, select Add, and then follow these steps:

   1. In the Lookup result field, select Yes.
   2. In the Document classification id. field, select a value.

6. Select Add again, and then follow these steps:

   1. In the Lookup result field, select No.
   2. In the Document classification id. field, select Blank.

7. Select Add again, and then follow these steps:

   1. In the Lookup result field, select No.
   2. In the Document classification id. field, select Not Blank.

   Note

   The document classes that are selected in this configuration must be used in the company transactions that are listed on the report.

8. In the Lookups section, select MainAccountGroup.

9. In the Conditions section, select Add, and then follow these steps:

   1. In the Lookup result field, select one of the following values:

      • 4001: Common activities revenue
      • 4002: Other activities revenue
      • 4003: Financial interest revenue
      • 4004: Mortgage interest revenue

   2. In the Main Account field, select a value.

10. Select Add again, and then follow these steps:

    1. In the Lookup result field, select N/A.
    2. In the Main account field, select Blank.

11. Select Add again, and then follow these steps:

    1. In the Lookup result field, select N/A.
    2. In the Main account field, select Not Blank.

    Note

    The ledger accounts that are selected in this configuration must be used in the company transactions that are listed on the report.

Issue a format 1007 file

1. Go to Tax > Inquiries and reports > LATAM > Tax reporting.
2. In the Format mapping field, select Format 1007.
3. Select OK.
4. Select a date range.
5. Select OK.