Set up adjustment codes for PIS and COFINS taxes (Brazil)

You can make manual adjustment transactions to adjust the credit or debit of PIS and COFINS amounts that are reported in records M220, M225, M620, M625, M110, M115, M510, and M515. You must first create the adjustment codes. The Brazilian government determines the adjustment codes, based on the adjustment criteria and the type of adjustment transaction. This task uses the BRMF demo company.

  1. Go to Fiscal books > Setup > Tax adjustment codes > PIS and COFINS adjustment code table.
  2. Expand the Posting section.
  3. Click New.
  4. In the list, mark the selected row.
  5. In the Company accounts field, enter or select a value.
  6. In the Sales tax code field, enter or select a value.
  7. In the Main account field, specify the desired values.
  8. Click Save.
  9. Click New.
  10. In the Identification field, type a value.
  11. In the Description field, type a value.
  12. In the Tax type field, select an option.
  13. In the Adjustment type field, select an option.
  14. In the Adjustment code field, type a value.
  15. In the Valid From Date field, enter a date.