Accounting in Puerto Rico: standards, taxes and GoSoft
Accounting guide for Puerto Rico: Puerto Rico Department of the Treasury (Hacienda), IVU 11,5 %, accounting framework, books, e-invoicing, tax returns and how to set up GoSoft.
Key facts
| Item | Detail |
|---|---|
| Tax authority | Puerto Rico Department of the Treasury (Hacienda) |
| Currency | USD · US dollar |
| Tax ID | EIN |
| Consumption tax | IVU · 11,5 % |
| Fiscal year | The company chooses its taxable year. |
| E-invoicing | No mandatory e-invoicing; merchants report sales through the SURI system. |
Accounting framework
US GAAP, as in the United States.
Chart of accounts
There is no mandatory chart of accounts: the company defines it according to its framework. GoSoft ships a base chart you can adapt.
Financial statements
In Puerto Rico the four statements are presented with these names (GoSoft uses them in its reports and PDFs):
- Statement of financial position
- Income statement
- Statement of changes in equity
- Statement of cash flows
Mandatory books and records
Journal, General Ledger and Inventory and Balance book (or their electronic equivalents), with the supporting documents for every entry.
Periodic tax returns
Monthly IVU return in SURI and annual income tax return.
What you need to know
- IVU is 11.5 % (10.5 % state + 1 % municipal).
- Payments for services to individuals usually carry 10 % withholding.
Taxes and withholdings in GoSoft
These are the reference taxes and withholdings GoSoft loads for Puerto Rico. You adjust them in Taxes and withholdings (rate, minimum base and ledger account).
| Code | Name | Type | Applies to | Rate |
|---|---|---|---|---|
IVU11.5 | IVU 11.5% | VAT | sales and purchases | 11.5 % |
RET-SERV | Withholding on services rendered | Income | payments to suppliers (withholding) | 10 % |
How to set up GoSoft for Puerto Rico
In My company, choose the country Puerto Rico and the currency USD.
When you log in again, GoSoft shows Updating the accounting setup for Puerto Rico: it codes the chart of accounts, loads the country's taxes and checks the settings. It happens only once.
In Chart of accounts → Options, review the coding and download the chart as a PDF for your accountant to approve.
In Financial reports → Taxes and withholdings, confirm the rates and choose the ledger account for each tax.
Record activity (manually or from the modules) and use Tax returns to prepare each period's drafts.
Rates and deadlines change. Before filing, confirm what is current at Puerto Rico Department of the Treasury (Hacienda) and with your accountant.