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Create customer and vendor records with an address in Panama
Learn how to set up records for customers and vendors in Panama, including prerequisites and an outline on creating a record for a customer.
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10/11/2023
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johnmichalak

Create customer and vendor records with an address in Panama

The Panamanian customer and vendor configuration contains the fiscal information that's required by the fiscal authorities. The configuration also includes a reference to the document classes that can be used in transactions with customers and vendors.

Prerequisites

Before you create records for customers and vendors who are located in Panama, the following setup must be completed:

  • Address formats that are specific to Panama. These formats must use states for regions, counties for provinces, and cities for communes.
  • Tax codes for the moveable goods and services transfer tax (ITBMS) that will be used (ITBMS general rate, exempt, and so on).
  • Sales tax groups that contain the tax codes that were created.
  • Item sales tax groups that contain the tax codes that were created.
  • Document classes to use with customer and vendor invoices, credit notes, debit notes, packing slips, and so on. For more information, see Configure sales and purchase invoices for Panama.
  • A customer and vendor set that contains all the document classes that will be used.
  • A tax ID for each type of tax identification that your customers and suppliers have.
  • A taxpayer type for each type of taxpayer that your customers and suppliers have.

Create a record for a customer in Panama

  1. Go to Accounts receivable > Customers > All customers, and select New.

  2. In the Type field, select Organization.

  3. In the Customer group field, select a local group.

  4. In the Address section, select New, and provide a name for the address.

  5. In the Country/region field, select Panama.

  6. Enter the street and street number.

  7. Select a state, county, and city, and mark the address as primary.

  8. In the Contact information section, select New to create a record for the company phone number.

  9. In the Sales demographic section, set the currency to PAB (Panamanian balboa).

  10. Configure the terms of payments and the invoice account.

  11. Set the delivery terms, mode of delivery, and delivery reason.

  12. Select a sales tax group that contains all the tax codes that can have transactions with this customer.

  13. In the LATAM section, enter the following information:

    • In the Customer set field, select a set that contains the document classes to use with the customer.
    • In the Taxpayer type field, select a taxpayer that represents an organization. For example, select persona juridica.
    • In the Based in country/region field, select Panama.
    • In the Country document type field, select a tax ID type. For example, select RUC (Unique Taxpayer Registry).
    • Complete the Country document number field with the customer's tax ID number.

Create a record for a vendor in Panama

  1. Go to Accounts payable > Vendors > All vendors, and select New.

  2. In the Type field, select Organization.

  3. In the Vendor group field, select a local group.

  4. In the Address section, select New, and provide a name for the address.

  5. In the Country/region field, select Panama.

  6. Enter the street and street number.

  7. Select a state, county, and city, and mark the address as primary.

  8. In the Contact information section, select New to create a record for the company phone number.

  9. In the Sales demographic section, set the currency to PAB.

  10. Configure the terms of payments and the invoice account.

  11. Set the delivery terms, mode of delivery, and delivery reason.

  12. Select a sales tax group that contains all the tax codes that can have transactions with this vendor.

  13. In the LATAM section, enter the following information:

    • In the Vendor set field, select a set that contains the document classes to use with the vendor.
    • In the Taxpayer type field, select a taxpayer that represents the organization. For example, select persona juridica.
    • In the Based in country/region field, select Panama.
    • In the Country document type field, select a tax ID type. For example, select RUC.
    • Complete the Country document number field with the vendor's tax ID number.