There is no special recommendation for choosing an EPSG code.
Ocelet uses the code from the EPSG Registry.
I checked in that registry and found the different codes ( 3114, 3115, 3116, 3117 and 3118 ) for MAGNA_Colombia_Bogota you are citing. Also if Ocelet did not print an error message saying that the EPSG code was unknown, it means that it does recognize it and knows the values of the ellipsoid and projection parameters.
I would then only recommend to double check the origin of your dataset to find precisely what reference system was used when creating it, and maybe check with QGIS for example if the projections parameters are correct for the code you are using.
Hope this can help ...