Location via proxy:   [ UP ]  
[Report a bug]   [Manage cookies]                
Scribd Logo
Upload

Welcome to Scribd!

  • 251 views

    User Manual J1icovend

    Uploaded by

    Omar Giovanni Puin Montenegro
    The document provides instructions for setting up withholding tax configurations for freelance contractors in Colombia. It outlines 6 steps to: 1) create withholding tax keys; 2) create withholding tax types; 3) create withholding tax codes; 4) assign tax keys to codes; 5) define tax constants; and 6) assign tax types and codes to vendors. It also describes new features in transaction J1ICOVEND for maintaining monthly freelancer data, including populating previous month's data and options for yearly pension contributions and deduction limits.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    User Manual J1icovend

    Uploaded by

    Omar Giovanni Puin Montenegro
    251 views8 pages
    The document provides instructions for setting up withholding tax configurations for freelance contractors in Colombia. It outlines 6 steps to: 1) create withholding tax keys; 2) create withholding tax types; 3) create withholding tax codes; 4) assign tax keys to codes; 5) define tax constants; and 6) assign tax types and codes to vendors. It also describes new features in transaction J1ICOVEND for maintaining monthly freelancer data, including populating previous month's data and options for yearly pension contributions and deduction limits.

    Original Description:

    uso transacción J1ICOVEND

    Original Title

    User Manual j1icovend

    Copyright

    © © All Rights Reserved

    Available Formats

    PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    The document provides instructions for setting up withholding tax configurations for freelance contractors in Colombia. It outlines 6 steps to: 1) create withholding tax keys; 2) create withholding tax types; 3) create withholding tax codes; 4) assign tax keys to codes; 5) define tax constants; and 6) assign tax types and codes to vendors. It also describes new features in transaction J1ICOVEND for maintaining monthly freelancer data, including populating previous month's data and options for yearly pension contributions and deduction limits.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    251 views8 pages

    User Manual J1icovend

    Uploaded by

    Omar Giovanni Puin Montenegro
    The document provides instructions for setting up withholding tax configurations for freelance contractors in Colombia. It outlines 6 steps to: 1) create withholding tax keys; 2) create withholding tax types; 3) create withholding tax codes; 4) assign tax keys to codes; 5) define tax constants; and 6) assign tax types and codes to vendors. It also describes new features in transaction J1ICOVEND for maintaining monthly freelancer data, including populating previous month's data and options for yearly pension contributions and deduction limits.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 8

    User Manual

    Post Manual Activities:


    1. Create WHT keys for each contribution:

    IMG Menu -> Financial Accounting (New) → Financial Accounting Global Settings (New) → Withholding
    Tax → Extended Withholding Tax → Calculation → Colombia → Define Withholding Tax Keys

    Country Key → CO

    2. Create WHT Types

    IMG Menu -> Financial Accounting (New) → Financial Accounting Global Settings (New) → Withholding
    Tax → Extended Withholding Tax → Calculation→ Withholding Tax Type → Define Withholding Tax
    Type for Invoice Posting

    Country Key → CO
    Same procedure for all contributions, for example:

    • Mandatory Health Contribution


    • Pension Solidarity Contribution
    • Pension voluntary to mandatory pension contribution
    • ARL contributions
    • Voluntary Contribution
    o Pension
    o Housing
    • Family Compensation Fund
    3. Create WHT Codes

    IMG Menu -> Financial Accounting (New) → Financial Accounting Global Settings (New) →
    Withholding Tax → Extended Withholding Tax → Calculation→ Withholding Tax Code → Define
    Withholding Tax Codes

    Country Key → CO

    Same procedure for all contributions

    4. Assign Withholding Tax Keys to Withholding Tax Codes

    IMG Menu -> Financial Accounting (New) → Financial Accounting Global Settings (New) →
    Withholding Tax → Extended Withholding Tax → Calculation → Colombia → Assign Withholding Tax
    Keys to Withholding Tax Codes

    Country Key → CO
    5. Define Withholding Tax Constants

    IMG Menu -> Financial Accounting (New) → Financial Accounting Global Settings (New) → Withholding
    Tax → Extended Withholding Tax → Calculation → Colombia → Define Withholding Tax Constants
    6. Assign WHT Types and WHT Codes to vendors

    SAP Easy Access Menu

    Accounting → Financial Accounting → Accounts Payable → Master Records → Change


    Features of J1ICOVEND

    Monthly Data for Freelancers


    Transaction J1ICOVEND (Monthly data for freelancers) has been enhanced with the following new
    features:

    1. In the J1ICOVEND transaction, once you enter the company code, fiscal year, month, and vendor,
    system populates the latest data for the freelancer. You need to maintain the changes in the
    freelancer's declaration, if any, in the subsequent month and execute the transaction.

    Refer to the following images for better understanding:

    2. You don't need to maintain the data every month, if there no corrections or updates in the
    freelancer's declarations.
    Example: When you enter a freelancer's data using the transaction and post the documents
    in January, system will generate the freelancer's invoice taking your inputs into
    consideration. In February, if there are no corrections to the freelancer's declaration, you
    don't need to maintain the data in the transaction (J1ICOVEND). But if there is a correction
    in the freelancer's declaration for the month of February and if you don't maintain the data
    in the transaction (J1ICOVEND) while posting the documents, system will generate the
    freelancer's invoice taking January's data into consideration.
    Yearly Pension Contribution and Yearly deduction Limit
    By default, system generates the freelancer's invoice taking the pension contribution and deduction
    limit as yearly contributions.

    If you deselect the Yearly Pension Contribution and Yearly Deduction Limit checkboxes, system will
    generate the freelancer's invoice taking the pension contribution and deduction limit as monthly
    contributions.

    Remember: Once you select the Yearly Pension Contribution and Yearly Deduction Limit checkboxes
    and save the data, the checkboxes will be disabled, and you won't be able to deselect the checkboxes in
    the same fiscal year.
    Refer to the following images for better understanding:

    Mandatory Checkbox
    The system considers mandatory contributions of a freelancer only if you select this checkbox.

    Pensioner Checkbox
    If a freelancer is already a pensioner, select the Pensioner Vendor checkbox so that the freelancer's
    invoice is generated without deducting the pension related contributions such as, pension mandatory
    contribution, pension solitary fund, voluntary pension contribution, and volunteers' contribution
    towards pension.

    Remember: Once you select the Pensioner Vendor checkbox and save the data, the checkbox will be
    disabled, and you won't be able to deselect the checkbox in the same fiscal year.
    Refer to the following images for a better understanding:
    Pension Exemption Rate
    The pension exemption rate is calculated by the system as explained below.

    For example, if the base amount lies between 4 - 16 minimum salary amounts, 1% of the base amount is
    taken as the pension solidarity contribution.

    Tip: You can derive the base amount by comparing the 40% of the invoice amount and 25 minimum
    salaries. Whichever amount is less is considered as the base amount.

    Refer to the below table to have an overview on the contribution rate according to the minimum salary
    range.

    Minimum Salary Range Contribution Rate (in %)


    0-3 0
    4 - 16 1
    16 - 17 1.2
    17 - 18 1.4
    18 - 19 1.6
    19 - 20 1.8
    >20 2

    You might also like