Mexico Passes Regulation Requiring Payment Receipts

February 28, 2017 Steve Sprague

In addition to significant updates to its CFDI e-invoicing schema and a new process for tracking exports, Mexico is also launching a new regulation to electronically document payment receipts. Starting December 1, 2017, the Complemento de Recibo de Pagos must be incorporated into the CFDI process in order for the SAT, Mexico’s tax authority, to better track payments and tax liability.

This new process will cut down on several issues the SAT was facing. In particular, the tax authority could not accurately track partial payments or easily distinguish between invoices and payments. The payment receipts now required will ensure that companies remit all taxes owed – closing a loophole that emerged when companies submitted multiple payments for a single invoice.

The following details must be included on each payment receipt:

  • Date
  • Payment method
  • Currency
  • Exchange rate
  • Amount
  • Check number
  • Supplier’s bank details
  • Buyer’s bank details
  • Tax ID numbers
  • Validation certificate
  • Electronic seal
  • Link to e-invoice 

This is a completely new business process in Mexico, requiring a new SAP module to extract the necessary information, including new fields, catalogs and validations. Plus, since suppliers are now required to prove that they have received payments, new end users from accounts receivable who were not previously part of the CFDI process will need to be involved.

Though this initial implementation can be cumbersome – especially since it’s timed with CFDI v3.3 and Complemento Comercio Exterior updates – the new requirement does present several benefits to businesses operating in Mexico. 

One of the first companies to announce a solution for CFDI v3.3 and corresponding requirements, Invoiceware helps clients like Kellogg’s, The Coca-Cola Company and SunChemical reduce costs and improve cash flow while maintaining error-free compliance. Contact us to learn how we can help you reduce the risks associated with these new requirements in Mexico.

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